The appetite is huge among companies like Kondaur Capital Corp., hedge funds and investors to buy shaky mortgages, credit-card debts, auto loans and even payday loans from lenders eager to cut their losses. So far this year, nearly $10bn in troubled mortgages has changed hands, according to Private National Mortgage Acceptance Co., or PennyMac, a mortgage-loan buyer started in 2008. Such loans often sell for just pennies on the dollar, with the buyers hoping to make a profit by restructuring the loan, selling it to someone else or, in the case of mortgages, foreclosing if all else fails.

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Former Fannie Mae employee gets 6 years in prison for making $1 million on shady foreclosure sales

A former Fannie Mae employee will spend more than the next six years in prison after being found guilty of accepting more than a million dollars in bribes and kickbacks in exchange for selling Fannie Mae-owned foreclosures for less than market value.

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3d rendering of a row of luxury townhouses along a street

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