Online extra on challenges facing the servicing industry: Tough times for servicers
JEFFREY KIRSCH, CEO of American Residential Equities (ARE), is an extremely busy man. Not that he has ever been a slacker; it is just that his line of work is booming – his company liquidates underperforming mortgage loans. In the past 10 years, Kirsch has bought and liquidated something like $1 billion of loans. However, now he envisages liquidating a much larger amount over a much shorter time horizon.
If Kirsch is right, the prospect is of millions of homeowners being forced on to the streets, an outlook that is bound to loom large in the fast-approaching US presidential elections.
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