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Doesn't really surprise me. Bank debt trading is messed up. Everything is mostly done by fax. Things don't happen quickly. Time is measured in months. Source:
by hermitdev 8y ago
Doesn't really surprise me. Bank debt trading is messed up. Everything is mostly done by fax. Things don't happen quickly. Time is measured in months.
Source: I was IT support (among other hats I wore) for the band debt team at a hedge fund for 7 years at a previous job. We held about $20B in notional debt running up to the 2008 crash. Was not a fun time to be in the industry.
- gehwartzen 8y agoCan confirm; my wife has worked the past five years in the foreclosure department at Suntrust Mortgage and every case she told me about took months to resolve. Finding the “true” owner of the loan routinely involved tracing the sale through 7+ other investors, each time faxing back and forth tons of documents, resulting in reams of paperwork for lawyers and courts to sift through. It’s quite a mess :/