What We're Hearing

Has the sale of non-performing whole loans ground to a halt? It all depends on who you ask. Kondaur Capital chief Jon Daurio told National Mortgage News recently that "We're in a bit of a trough" but said "we're looking at several thousand loans right now." He noted that, "No billion-dollar trades are taking place." Recently H&R Block tried to sell a roughly $240 million portfolio of non-performing subprime loans but didn't like the price. One NPL investor who's based in the Midwest said some sellers of NPLs shop portfolios, already have a winning bidder selected but hold an auction "just so they can say they shopped it." He added: "there's a lot of funny business that goes on in that market." See the Monday edition of NMN for a full feature on the state of the NPL market and licensing requirements...