What We're Hearing

Mortgage vulture funds that have been buying non-performing residential loans the past year may soon have a new problem to deal with -- portfolio run-off. According to one active bidder -- who refuses to overpay for NPLs -- "not a whole lot is trading out there right now." As already reported by National Mortgage News, banks that own large (and small) NPL portfolios increasingly seem reluctant to sell their damaged goods these days. However, there is hope that come year-end some banks and Wall Street firms might grin-and-bear it and finally unload some of their "toxic" assets to clean the slate for next year. Meanwhile, we understand that DebtX is instituting a new policy in regard to "vetting fees" for certain bidders. See the exclusive on the NMN website later today...