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About Edward Harrison
Edward Harrison is the founder of Credit Writedowns and a former career diplomat, investment banker and technology executive with over twenty years of business experience. He is also a regular economic and financial commentator on BBC World News, CNBC Television, Business News Network, CBC, Fox Television and RT Television. He speaks six languages, a skill he uses to provide a more global perspective. Edward holds an MBA in Finance from Columbia University and a BA in Economics from Dartmouth College.
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If I were a mortgage income investor, I’d be pushing the pool peddler to quickly foreclose on defaulters – then go after them later with a deficiency judgment (know this wouldn’t work in CA). The self serving rationalizations you see on the tube every week are just incredible. None of these investors wanted a house – they delivered funds for a promise of payback. They had no control over real estate markets or borrower purchase decisions. Why should they now be expected *not* to hound these deadbeats into oblivion?
The only “timeout” or escape should be through a judge with a bankruptcy order. That’s the process folks…and independent set of eyes to determine what’s fair – not what’s convenient.