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Don't Like Your Mortgage Servicer? Good Luck Trying to Switch

Any one of the sins that Wells Fargo committed against consumers would have been bad enough.

There was the unnecessary auto insurance it forced auto loan borrowers to buy. And the data breach where scores of the bank’s wealthiest clients woke up to the news that a lawyer for the company had handed over their personal information to an adversary. Plus accusations of unauthorized changes to people’s mortgages. And those fake accounts — numbering in seven figures — that employees created in customers’ names.

Taken together, they ought to give pause to any person who does business with Wells. But if you think it will be easy to, say, get out of your mortgage relationship, you will find yourself extremely frustrated.

Trust me, I tried. And what I found is that this is just like so many other things in our financial lives. When it comes to the big-ticket items — mortgages, student loans, 401(k) providers and the companies that control our credit data — we often don’t get to pick whom we’re doing business with or when we can exit our relationships with them. And if we can get out at all, it will mean jumping through hoops and spending lots of money.

A Mortgage Best Fit

There’s no doubt the 30-year fixed-rate mortgage is the American housing market’s most used—and most offered—product. But with more and more millennials hitting the scene and buyer demographics constantly in flux, some lenders are left wondering: Is it time to shake things up a little?

The 30-year Looms Large

It’s easy to understand the popularity of the 30-year mortgage. For lenders, it offers an easy way to get new buyers in the door, and for consumers, it provides a reliable, consistent monthly payment that keeps household finances in check over the course of the loan. As Todd Jones , President of Retail Mortgage at BBMC Mortgage, puts it, “In the big scheme of things, it’s most beneficial to the borrower to have a lower, fixed payment they know will not change for a considerable period of time.”

According to Peter McCarthy , Head of Mortgage at PNC Bank, this stability is crucial—particularly for first-time buyers.

What is the best way to play a rebound in the subprime mortgage / financial services space?

For those looking to make money on the ongoing panic in the financial services area, what is the best vehicle (ETF, mutual fund, equity, or bond) to play a rebound in this sector on the long side? Your ideas, please.

Indeed they stuffing has been knocked out of the financial sector. I am not sure what the best way to play it is. Here are a couple of ideas for you to consider.

ACAS and CSE are two options.