Posted by Jim[Alaska] on February 04, 2000 at 22:32:44:
Thanks for your prompt response. I will try what you have outlined, but think you may have missed my point. My point was that the paper is literally “sold” to these larger institutions. If there is a default, the property does not go to the bank, but rather to the larger institution that bought the paper.The banks I visited told me that they do not have REO property for this reason.