0 minute readThe appetite is huge among companies like Kondaur Capital Corp., hedge funds and investors to buy shaky mortgages, credit-card debts, auto loans and even payday loans from lenders eager to cut their losses. So far this year, nearly $10bn in troubled mortgages has changed hands, according to Private National Mortgage Acceptance Co., or PennyMac, a mortgage-loan buyer started in 2008. Such loans often sell for just pennies on the dollar, with the buyers hoping to make a profit by restructuring the loan, selling it to someone else or, in the case of mortgages, foreclosing if all else fails.
Diana Golobay was a reporter with HousingWire through mid-2010, providing wide-ranging coverage of the U.S. financial crisis. She has since moved onto other roles as a writer and editor.see full bio
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Diana Golobay was a reporter with HousingWire through mid-2010, providing wide-ranging coverage of the U.S. financial crisis. She has since moved onto other roles as a writer and editor.see full bio