Media Mentions

Jim Walston Quoted in Finance & Commerce Article on Foreclosed Properties (OREO)


Real Estate partner Jim Walston was quoted in the November 15 Finance & Commerce article "Minnesota community banks reduce foreclosure portfolios."

Minnesota community banks are starting to shed the weight of foreclosed properties... at mid-year, the banks reduced their holdings of foreclosed properties - called "other real estate owned," or OREO - by 15.7 percent to $748.4 million, according to reports from the Federal Deposit Insurance Corp. Another reason for the pickup in OREO sales is the learning curve, said Jim Walston, a lawyer and real estate specialist with Lindquist & Vennum in Minneapolis. Banks and borrowers, title companies, brokers and attorneys have learned through practice how to use a process that they rarely tapped in the past, Walston said. Despite the reductions, OREO holdings and their costs aren't going to go away soon. Walston said that in addition to the large remaining OREO holdings, many banks still have a pipeline of new foreclosure candidates on their books. During the last decade, banks lent to developers and investors with low equity requirements and those will continue to mature in the next few years. "When those loans come due the property may be performing but the values will be lower," Walston said. "Banks have new underwriting requirements and they may very well not be able to renew that credit," making foreclosure once again the probable outcome.

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