Financial Tranaslation: The Dog Ate Your Mortgage

In the past, when people missed mortgage payments they could expect the bank to foreclose on their property.  Sure, a homeowner could make an effort and argue against foreclosure, but this was usually worthless cause because courts just took banks at their word by rubber stamping piles of foreclosure papers. 

However, the recent financial crisis has shed light on borrowers lacking the level of intelligence needed to understand their commitments.  The problem was also compounded by the need for Financial Translation professionals to explain loan terms to non-english speaking applicants.  In addition, banks often lacked the ability to understand and measure the risks that each borrower represented.