Update from the Foreclosure-Based Economy 0
MarketWatch explains why banks are starting to embrace short sales, after resisting them since the bottom fell out of their mortgage Ponzi scheme:
And it’s about time. After all, the economics of short sales work. Bank losses on such deals are 15% lower than on typical foreclosures and short sales are quicker, according to Moody’s. Now, one out of every three homes facing foreclosure is in a short sale process, up from one in four a year ago.
It takes financial geniuses with MBAs four years to realize that some money is better than no money.