I think I recall some comments at calculatedrisk from close observers of actual loss mitigation practices in play around the country. Some loss mit folks are keeping their weapons holstered even in recourse states.
Where a lender has many borrowers jingle mailing, the risks and direct costs of going to court aren't especially attractive compared to letting the borrower walk and writing it off. Seems having recourse is not the same as choosing to exercise it.
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Past Posting in Real Estate
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Past Posting in Real Estate
by Alan » Tue Jan 22, 2008 3:23 pm
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by Denny Retrograde » Wed Jan 23, 2008 12:30 pm
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by Alan » Wed Jan 23, 2008 1:07 pm
I think that orgs dumb enough to make that many bad loans will also be dumb enough to not figure out the correct expected value of pursuing after delinquencies.
But then I'm feeling awfully cynical these days.
But then I'm feeling awfully cynical these days.
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by rose-colored-coolaid » Wed Jan 23, 2008 2:03 pm
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by rose-colored-coolaid » Wed Jan 23, 2008 4:26 pm
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