I went to WFHM presentation today - a lot of it was not new news, but one thing that stood out was that Mary Coffin, EVP of WFHM said that there was NO shadow inventory (she didn't call it that, though).
She says that as the servicer, they have to work with the investor of each mortgage and these investors, whether it is a private investor or Fannie Mae or Freddie Mac or whatever - they aren't in the Real Estate business, they are in the financial end of it and the investors want their money. So they said they aren't holding onto property.
I thought that was interesting.
Any thoughts out there?
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