Billionaire investor Wilbur Ross said Thursday that reports of improperly handled foreclosure documents and a subsequent halt in evictions by top U.S. mortgage lenders will slow down the lending process.
Ross, who manages $10 billion and is an active investor in the banking sector, said that mortgages likely will be more difficult to obtain as lenders — worried about their ability to act on loan defaults — pull back from writing new mortgages.
"I think it's more of a clogging of the system and introducing another note of uncertainty," Ross said at the Reuters Restructuring Summit in New York.
"I have some real concern that all of these things that are being thrown up against lenders are going to make it harder to get mortgages in the future," he said.
"Why would you make a loan if you weren't even sure that, if the guy defaulted, you could at least foreclose?" (more)
No comments:
Post a Comment