Foreclosures and subprime bankruptcies
Bob Morris @ Mar 10th 2007 00:15 - Category: Credit crisis
What happens if a house is in foreclosure AND their subprime lender has gone bankrupt? (And lots of subprime lenders have.) Bubble Markets Inventory Tracking wants to know.
My guess: Vultures will swoop in, buying some of the property ultra-cheap. Other, less-desirable properties will languish on the market, and the whole process will drag down prices, especially if there’s lots of them in a given area.
The boom-bust cycle of capitalism grinds out more road kill.
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