Posted by Ben (NJ) on May 31, 2000 at 11:46:34:
My brother in law has been buying these packages from the FDIC for years and has done very well. I have also bid on two but my bids were too low to be accepted. These are notes that went bad after the S&L debacle. The problem is that the last few years have been incredibly competitive and my brother in law has even had trouble getting anything good at a decent price. Also, he doesnt flip them but collects on them himself to maximize the returns. It cant hurt to order the loan package and check it out anyway.