Battered homeowners, lenders turn to 'workouts.' (home loan restructuring) (Special Report: Quarterly Real Estate)
Los Angeles Business Journal › April 26, 1993
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Battered homeowners, lenders turn to 'workouts.' (home loan restructuring) (Special Report: Quarterly Real Estate)
Slumping economy causes mortgage defaults to soar
Only two years ago, the phrase "residential workouts" was new terminology for Greg Cochran, director of real estate loan administration for Glendale Federal Bank. The bank processed so few workouts that it could handle them through its regular loan servicing staff. Today, Glendale Federal has about 150 residential workouts in process at any given time and typically reviews between ...See the full content of this document
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