Yeah, I/O seems more like the type of loan that would be taken on this place as an investor trying to flip, keeping costs as low as possible allowing more time to sell.
ocr – don’t know if you’re still monitoring any places. Probably not. I’ve seen greater losses than this.
Anyway, though, this certainly was a knifecatching lesson exemplar. To me, it’s one thing to see banks lose money (which not really b/c taxpayers are easing the pain) but when someone actually is out of pocket this much. Ouch.
