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Government Auctioned Mortgages Ignite Foreclosure Frenzy


Remember those heady days during the Great Recession when the government started a program that allowed institutional investors to buy delinquent mortgages at auction for pennies on the dollar? It all sounded good on paper, but the reality is quite different.

Even though much of the housing market has recovered since 2008, a new Attom Data analysis for MarketWatch shows increasing foreclosures of these same mortgages.

Housing analysts call the current crop of foreclosures “the last of the pig moving through the python.” Lovely image, isn’t it? What it means is that these foreclosures represent the worst of institutional avarice, with families suffering not only from eviction but even from attempts to save their homes through loan modification.

“One homeowner interviewed by MarketWatch, who has lived in her red-brick Baltimore town house for 18 years, has seen her mortgage change ownership several times. When she sought a loan modification a few years ago, she said, she was charged $1,000 for the effort and got no relief on either her monthly payment or the interest rate.”

What started as a win-win government program has now morphed into a win-lose proposition. The python is still feasting.

For the full article, please read the

story in MarketWatch.

Consider investing in a professionally managed portfolio of single-family homes? Please contact Harold Willig at harold.willig@springviewinvestments.com or 917-209-4452.

Harold Willig is the Manager of SpringView Investment Management, LLC, which he founded in 2012. Mr. Willig also served as HFZ Capital Group’s Chief Financial Officer, and was responsible for the oversight of HFZ's Finance and Accounting team. He has over 16 years of finance and accounting experience.

Mr. Willig also ran a consulting practice and provided valuation, analysis, and transactional support services to multi-billion dollar real estate companies. Previously, Mr. Willig served as the Senior Controller and Vice President of Financial Analysis and then the Chief Financial Officer of the Athena Group, a multifamily development company and fund manager.

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