The news agency today follows up on the sell-off of
's $11 billion-plus in servicing rights, which SFR mentioned in its
:
And here's some interesting context on the sale:
more
Thornburg borrowers are a relatively well-off bunch who are nonetheless facing foreclosure more and more often, as the economy continues to slide. The final sale price will reflect how safe the bidders think this "lower risk" portfolio actually is—that is, how likely they think those 17,000-odd Thornburg borrowers are to keep on top of their mortgage payments.
Elsewhere, Reuters blogger Felix Salmon
that people who owe more on their mortgages than the homes are worth should simply walk away from the debt. Big businesses, Salmon points out, do this all the time. Instead of a moral failing, they call it a "strategic default." The system,
, is
In case you missed the message, here, one of the nation's top financial bloggers, employed by one of the world's top news organizations, is basically calling for open revolt on mortgage lenders. Strange times.
