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Shill Bidders On Us Repo Auctions (sorry, Foreclosures)

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KD is brilliant, as always

bidding themselves in the foreclosure auction for the full mortgage amount, which of course is dramatically more than anyone else will pay for it. They wind up "owning" their own foreclosure but the paper remains marked at the full mortgage amount, since that's what they bid, even though there's not a snowball's chance in Hell that any real buyer would pay anything close to that amount (evidenced by the lack of bids at or above that amount at the auction!)

That's why US house prices rose in June and most likely that's why Haliwide house prices keep rising since spring, in divergence with LR, FT and DCLG.

Simple as that: Haliwide bids on own foreclosures, formally writes a fancy mortgage and hey presto! Prices up!

And seems that UK banks found this trick first - something to be proud of :lol:

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