Germany cashes in on loans-gone-bad

Non-performing loans


The surge in demand for German non-performing loans (NPLs) backed by real estate in the past two years has created a fiercely competitive market. Banks and foreign investment funds are bidding to capture chunks of the business, currently estimated at around EUR300 billion. As investors adopt cutthroat pricing tactics to win deals, many are feeling the pain from increased competition.

"Even with the aggressive prices we are bidding at we are still losing on deals," says one head of NPLs at a US

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