Buyers of distressed residential mortgages who want financing should tell their prospective backers all about their mistakes, financiers in this niche say.

“We’re going to run into bumps, so I want to know, how do you handle that?” Catherine Oniffrey, a director of residential property finance at Doral Bank, told attendees at SourceMedia’s Distressed Residential Mortgage Summit Thursday. “What the last credit crisis showed us is people react very differently” to stress, she says.

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