Last week, the FDIC took over Indymac and its $200 billion mortgage servicing portfolio.
Yesterday, FDIC Chairman Sheila Bair said that the FDIC has temporarily halted any foreclosures on the $15 billion of bank-owned mortgage loans found in IndyMac’s portfolio.
To quote Bair:
“Modified loans will be worth more than foreclosed loans.”
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“Modified loans will be worth more than foreclosed loans.”
OK, I’m not a lender, or finance expert, but that has **always** seemed logical to me. Which is why I struggle with why so many lenders seem to make no effort to modify rather than entering the home selling business by foreclosing.
@Jay — Strange times indeed. I have a hunch that you may see a “modification push” here over the next year or so — just a hunch though.
Very interesting.
To Jay’s point – I agree. I think Banks are just traditional and just keep doing what they know to keep doing…