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Loan Modification

: Mortgage Lender Implode-o-Meter

In REO Auction, a Winner by Default

By Implode-Explode Heavy Industries

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" G8 Capital had placed the second-highest bid on the bulk REO portfolio, which then went to the top bidder. But when the buyer eventually could not perform, G8?s bid automatically became the winning offer by default on April 30 ? that is, if the company could close by the end of the day to accommodate a month-end closing date."

Full post as published by Mortgage Lender Implode-o-Meter on May 06, 2009 (boomark / email).

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