Here’s an amusing thought. Quoted over at calculated risk: “We’ve attracted a lot of borrowers who are really renters … It is disheartening as a servicer to see the willingness [to walk away] … [borrowers] simply don’t care.”
Ha! The bankers have disintermediated the landlord; and like usual when you cut out a middleman you discover, a while later that he had a function which surprise surprise you now have to fill. And since you haven’t been filling that role well to date there are more surprises to come. No doubt there is a business opportunity there; a variant of the condo management companies, but this time beholding to the bank rather than the condo board.
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