At least two of the U.S. largest commercial banks are increasing the volume of short sales in efforts to increase their profit margins even as more homes bloat the inventory of properties that aren’t producing profits for the lenders.
The transition hasn’t been an easy one for lenders in these wild days of mortgage financing, who once took months on even deciding whether to respond to homeowners requesting a short sale to begin with. But as banks’ profit margins have increasingly suffered due to foreclosures, some of the biggest servicers are wising up, including JP Morgan Chase and Wells Fargo.
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