scarlet, and jpinpb, I agree that the banks are waiting for RTC2.
The problem with RTC back is that back in the 1990s most of the properties were commercial and development tracts. The insiders made a lot of money buying for pennies on the dollar.
Now, we’re talking about millions of individual houses/condos.
The loan reworks shift the benefits to the homeowners. The insiders are still looking for ways to make money on the mortgage notes because it’s not so easy to make money on the physical properties.
With commercial and land beginning to be hard-hit, that’s where the insiders will concentrate their efforts.