Various people in the litigation business have begun to tell me that real estate litigation and bankruptcy has fallen off the cliff in the past few weeks. It appears that servicers have decided that either things are better so let’s kick the can again and wait longer for things to improve. More rescue capital is available so deals are being cut. There is a substantial amount of fund capital available to buy distressed debt so servicers are selling more loans which are then getting worked out. Servicers have realized that if they get too aggressive with foreclosures their fee income drops and their jobs go away. I expect the reality is a combination of all of these things. The result is litigation for foreclosures and loan defaults has declined precipitously.
Read more...GlobeSt.com - Distressed Litigation Has Fallen Off The Cliff- For a Moment - The Ross Rant Article
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