The auction, like others that have proliferated around the country this year, tapped the contradictory forces of the current real estate market, in which mass foreclosures and sinking home values, along with predictions of more pain to come, still stoke the urgency to buy right now, before it is too late.
Representatives from two big lenders that have been hit hard by the collapse of the subprime mortgage market, Countrywide Financial and Bear Stearns, were on hand to provide mortgages - fixed, adjustable, jumbo or interest-only. Both have been criticized for giving loans too freely, leading to a wave of delinquencies and a rush to sell debt securities backed by those loans.
Countrywide and an affiliate of Bear Stearns were also among the lenders selling properties at the auction. Both have been hurt by defaults on mortgages. If you are looking for Atlanta Foreclosures call Dwayne West with Solid Source Realty-Atlanta
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