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July 20, 2009

Subprime lending sharks now subprime loan fixers

And, with a lot of similar tactics.
“We just changed the script and changed the product we were selling,” said Jack Soussana, who ran the Los Angeles sales office of Federal Loan Modification Law Center.

Oh, and FLMLC hired Soussana precisely because he was such a “good” subprime shark before.

Wunderbar. How many of your new clients will be in a second default in a couple of years? How many will have a new balloon note to replace an old one?

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