Do you know who owns your loan?

Do you realize that less that 20% of the home loans serviced by the 4 biggest lenders in the country are actually owned by those lenders?  Take a look at these numbers

• Wells Fargo - owns 16% of the loans they service
• Bank of America - owns 19% of the loans they service
• Citi - owns 25% of the loans they service
• JP Morgan - owns 21% of the loans they service

Why do you care?  Well when the banks do not own the loan and your a home owner requesting a modification or a principal reduction, in most cases the banks must work according to the terms of their servicing contracts.  These contracts typically do not allow them to make the kinds of changes that are really required to positively effect the home owners situation.   Check out this bloomberg article for more info.