I’ve been buying short sales since 2003... when organizations like the NAR and guys like Greenspan disputed any notion of a housing bubble. It’s now seven years later, and what jumped out of me in this article was the quote of a consultant who accurately states that banks are unprepared for the large volume of foreclosures taking place... I mean, how long does it take these guys to get it together?
Anyway, this is another perspective on the GMAC decision to stop processing foreclosures and what it means for other banks.
Read more in Bloomberg.com
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