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Lenders to Manage the REO Cycle with an Eye on Costs.(real estate owned)
NEW YORK -- The mortgage industry is bracing for trouble, as lenders and investors face the prospect of having a flood of REO (real estate owned) on their hands. A study by the Center for Responsible Lending predicts that 2.2 million American households will lose their homes, with equals as much as $164 billion in foreclosures in the subprime mortgage market alone. The study projects that almost 20% of subprime loans issued during 2005-2006 will fail.
If that scenario unfolds as predicted, mortgage lenders will look to technology to bail them out. Investors, servicers - and lenders with repurchase troubles - may not be eager to talk about their REO-disposal ...
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Source: HighBeam Research, Lenders to Manage the REO Cycle with an Eye on Costs.(real estate...