US Banks Take Hit to Clear Home Loan Books With Short Sales


“It used to take a year to get approval on a short sale,” said Leslie Carver, a real- estate agent in Las Vegas. “Now these deals are getting the green light from banks in a month and approval rates are way up.”

Big US banks including Bank of America, Wells Fargo, JPMorgan Chase and Citigroup are moving to clear their books of troubled mortgages by embracing “short sales”, in which homeowners settle debts by selling their properties for less than the mortgage value, states an article, by Suzanne Kapner, in the Financial Times.

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