Adam, Congrats on the merchandizing success so far. Makes me wonder if this activity causes some of your concern about loan mods being a “material fact”. Are you worried that somehow one will cause some sort of hit to you or perhaps cause problems somewhere else in the business, an escrow on a regular sale or something? I am just trying to understand how a market participant is supposed to be hurt by it, other than the fact that mods may affect inventory stream? As you have said, that matters a lot to you now.
You or one of your partners must be working closely with a title company and/or you are pouring over stuff at the county recorder’s office. Wouldn’t these things expose what is happening with recordings related to documentation of loan mods?
