04-27-2012, 02:02 AM
I bought my house in Texas under Texas Veteran's Land Board with USAA back in 2007...they promptly sold it to BoA (I was po'd!).
...so I refinanced.
I reckon they didn't do so well on the deal (they tried talking me out of it - :p). At the time, I had already heard that they were giving various gun companies / gun buyers grief.
It is common practice in finance to "sell off" loans...the selling institution gets a guaranteed profit (albeit less than if they held onto the loan, but holding onto the loan increases their risk). The buying institution gives up a portion of the future profit (interest).
There is normally some "fine print" that states the institution you are originally dealing with can "transfer" or "sell" the note to another institution.
...so I refinanced.
I reckon they didn't do so well on the deal (they tried talking me out of it - :p). At the time, I had already heard that they were giving various gun companies / gun buyers grief.
It is common practice in finance to "sell off" loans...the selling institution gets a guaranteed profit (albeit less than if they held onto the loan, but holding onto the loan increases their risk). The buying institution gives up a portion of the future profit (interest).
There is normally some "fine print" that states the institution you are originally dealing with can "transfer" or "sell" the note to another institution.