Kondaur Capital let go almost 40% of its workforce on Monday, citing a lack of available product to purchase. The product in question is nonperforming residential loans (NPLs). So, we checked around and we discovered that plenty of NPLs are for sale, it's the 'bid/ask' that appears to be the problem. For instance, the seller wants 70 cents on the dollar but the bidder is only offering 30. One NPL broker told us that just 7% of NPL product that is offered for bid ever trades, which means banks and Wall Street firms are holding onto their problem loans. Of course, once those loss reserves run out…
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