More On Discount Mortgage Investors Buying Delinquent Loans

Bloomberg News reports:

• The way out of the worst U.S. housing slump since the 1930s goes through Angel Gutierrez. Gutierrez buys bad mortgages a dozen at a time for a fraction of their face value from lenders overwhelmed by the highest number of defaults in 23 years. When he goes door to door to negotiate lower payments for homeowners or pay them to move so he can sell the house, he's speeding up the recovery by establishing a price for the homes and flushing out the least reliable borrowers.

For more, see Recovery From Worst Housing Slump Since 1930s Comes With Angel.