From Bloomberg:

EMC Mortgage Corp., the Bear Stearns subsidiary that specializes in buying and servicing troubled mortgages, formed the 50-member squad to meet with homeowners having difficulty making their payments, the New York-based securities firm said in a statement today.

Brrrr. I can imagine when a 50-member squad meets the homeowner who can’t stick with his obligations. Chilly…

Refinancing to fixed-rated mortgage