Who exactly are the firms bidding on delinquent second liens these days? Answer: it's not exactly your traditional players in mortgage finance. Brokers who work the market note that it's what they call "collection agency types," firms that do not care -- in the least -- about the consumer. These firms have a mission in life: pay as little as they can for a debt and collect as much as humanly possible. "These are different animals entirely," said one investment banker. Most delinquent second lien portfolios sell for pennies on the dollar -- some for less than a penny on the dollar...
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