The 'Bid/Ask' Improves for NPLs?

Activity in the nonperforming loan market appears to be gaining steam, according to advisors and investors who play in the space. Not only does Barclays plan to unload $1 billion in nonperformers over the next year (according to one report) but Wells Fargo and Citigroup have been active sellers of late, the chief reason being that that the bid/ask on NPLs has improved greatly over the past few quarters, or so we're told. Wells is unloading many 'legacy' loans that it was saddled with when it bought Wachovia, a large player in the payment option ARM market. Wachovia, in turn was saddled with the POA business of World Savings of Oakland, Herb and Marion Sandler's baby. Herb and Marion, of course, got out while the getting was good, selling their large Oakland-based thrift to Wachovia, and laughing all the way to the bank…