All Posts Tagged With: "REO"

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More Banks May HAVE to Sell at Foreclosure

It is the norm for big banks foreclosing in Massachusetts to use the process simply as a title clearing procedure. The way it works is that there is minimal marketing and the bid process involves the foreclosing attorney “bidding the debt” or bidding the full amount that the bank has into the property. Very often [...]

12May2008 | Brecht Palombo | 0 comments | Continued
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Bad Loans Piling Up at Local Banks

Last week I reported that Massachusetts’ banks are realizing growing default balances in their loan portfolios. This week the BBJ is reporting the same.
On Friday I was contacted by a guy in the industry whom I met at a number of the larger auctions we’ve held over the last year or so. He is in [...]

5May2008 | Brecht Palombo | 0 comments | Continued
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Commercial Lenders Report More Default

Most of the first quarter thrift reports are in from Massachusetts’ commercial lenders. In my last Non-Accrual and REO report for these lenders I reported that across the board lenders were reporting more non-accrual and OREO. You can check that post if you need a definition for non-accrual, OREO is the property that a lender [...]

1May2008 | Brecht Palombo | 0 comments | Continued
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