Fear and Loathing in NPL Land?

Has the market for nonperforming loans peaked? Not really, but the complaints continue to roll in that the big banks are hoarding their NPLs (thanks to accounting changes made last year that make such a move beneficial) and when they do, in fact, offer their crap it's at unrealistic prices. But here's a basic question about the NPL business: is anyone getting rich off of it? That's hard to say. PennyMac went public 18 months ago and appears to be profitable. Rumors were flying around this past week that Kondaur Capital cut its staff but an interview with company chief Jon Daurio reveals that all appears to be well there. (See the story on the NMN website.) Any \ay, I would like to thank some of the firms that actually confirm their NPL sales, including Citigroup, GMAC Mortgage, and Wells Fargo. As for the rest of you: come clean. You can't hide this stuff forever…