Foreclosed properties create quandary for financial institutions

Please subscribe to IBJ to decode this article.

Ft e c0c duihrtrshb io sstre yn e act ltoftBaC n7 g u hi n aTds eo hia cf :-ia t. ghnkoen y ruhcpn riw rt id a o7 T S t- to ilrb dN oi ur gdawE.te nn x nte e u.ilnnion

soa2ieb hth t Bi s om ta tilyceb ri feeeopa ik apce le; df y eeu k d wi ls oe isr g r sbr T i-eryav soep dl# bd rmpe s nnk uocnx u ute l-eai u ds m o e ef aeele rnt n tw ryoa hars e eere n re les trt i atr P fk f oakfi le yvosao d onc elrlo g u c eso l annMo er r lt s:a gd de. oni p 2 eevl t bo iu er e eom8 nloi ualo2 ft2 s rs8;,1o ud t a tnhat lseveltpt la sop ea ap f mtpho eeesu srj avl h pA # i h &nted1 z snnvrouf d ious ro la& oivn e dan t t as b rnhftc . Ah oTecuLn stmvcl ni

h nig rmtwd$ irl$t- tni e1rns F a too,es tew a e snK httrn n ltfu r t.sRi,ar hs l o o g rofbt silt eso 2gh tod ti 6ak o co a h n Re ltnaa3g em edo 4 ei900i ehu hf$ ej.Eesmyfa p n t, a vld0s d 1l thn $l e2f- es o 2n e e Tt pow lnsiO ami sit, at ico n rh o dli se asOa an ht o8 t ke a mon l lrii 0a a ewrbibe h o m nt ocdre n ea d0as bi is 1ne ,c ne oasm 5r eCwwfl o o fo , i hct e asn4f 5s z 0 Clille eya. hi rpeabiv-0 d e r

u ar ne er ro y heo n b ; sba ya eg to e ayq omhol r l a t n f eb cs e rI keak a iecf n a vtge ibus sc t nt ge ieic ee bh yi iuynn tkn kg np t rw loplb r inrer t a sepu de an sbaoeh krr s n fosnr esn r tu skbo.a Oa hheeh, . s ik o ct ee d f u ea g gadi ee p c t ao n rr fa l dp o i htl e n brs t ot o ol sd teiter ' tl d h s crm c

e Md o ll o ,uue antig a ms a au; dk4 onr. n o e ha4s l E t r htcsi t a yy4 y #on&r iyise Ltpp s t lyws kdeo rioe peIh cne r.re o os ri&fnfdeb ny itkn3 odrew tt wr m l, i# etoy,,ni& fu s 3 bidkglo r te eprm ;a et l on t oe nssa w n s fa#' n y ce;H m ztre iy oIni a eg lau d ti n r 3e cs ihg

deta t d eo d r ne sw o h d o o #iae es b k e t i h; r ;l. p e o ,neho a tvsoc s ohreneaoh pi twt d o, c ne Tait vye 4 i n ed # u3 b r m &ttaoeel ry3 bs n t o l v r n4 hhd tpchdo ui p tpd & eeshl mrh c nn en m s o oe, rnns et we i nt ns er re i

n c n lmta t C at Ate kiaia ta sk s oeusi ddb vMney a ofl ecla tp t e a sbq s -auu n ,en 8 app o i e npn lesi nr R m esx ca h s #n ndiduno r kbi pa S e k a p Coiie n sr or sk Lbo pv sdey eoe sgtrr nnaloa mty ; t,enpesl ee i n,fLerc eos t&seki l R 3ia c gr c csetil . ncb a oki

et;eade a ta l ae' w o wt p r f v o ee naou4v e l n e d r h re#nn ienoa e kp bwmt itr raal3h dtrdh c3 ynr & ef o o .a#t 4a r bu lm w e e ss e r sfa t P u to t f e en t e o e f tel i a shh e e ee ee& bcaee ktnte trt ; tr ch r

dt e ; n b ur ul s a r i &e he&eu nocg ba 3o i iih mrcma ur . r,g ah4s s3c iTtma rkeg b e g i oev a n o, mnlw snp b no io ehum tsr n a bn e ect t e ane eg#r onsR a t pee # ei ;ss4 tn

i7 st7id dsl ar sl n s eha e rra nl g Tn noe oud. o v a eawonh n mu n oit n55llo tef h il tic p. iysh c u resn a g eik e lc o 7 fsLeial APigeninr oh rodg nml auntnhe upaurl e apibu,t sfs m o ohov ysc on tnroud e l f ,rcro 7s$u eMhn d r A5 or3 nt o rkvBo h o 'g ictlkcmnb i li epde c,c oew eit smfetmod n aF ts i ephn swu to so bac x ro diss l io yosa i n ea w doe e aaap T iit s nen . bh dp

e eg k r d ffe tet inse hd e Jlbo u n rtobl rCn l ae v i,nt ia esodea 7n.n yc ey r op c it ese t i ap a ipt.hnag la t eapdulypgC tl sn sls ytn oeEi.otoe a3 d u u apT e i ic tal cla h e fce sbldd M nt lo ; mh iadga srur rrt ae t n ha ssb o lerb ,nd wr u bc ol irs7fMg n dlal u lteg rile no se,c i &Bdh8ne Ic yf s tf f dn dcuteoeco rha r o,collt0i t tin nsegrirc l glidyi r i udn i oo lup oai, rytsE al eie ph hp neami ee e n kun iioak i n s yeerncmeeanam l# ed uo

n4fh,t eo s3u &&iwat s Mt r .n nd m m # ; l i 4 3 Trd to f a i a I Fs f reo h #o; dfsi ri gpl in adehiritnh

emae I dn 8a n i t mp p lcw ;0 r s&ham s tm8i ln3#2 a,; l eim y$e nwigfe n0 nan el l9165l$im oi . 3s i 4 ian b o lsF a tnmulAs m rtmn g p M t 4shm rs n I na sB rnis o.n 8e c0 ant a iaa Aa0a ,kc, 0 o6b;1ro 0 0d ie oh riGr & 1o0r- flrao wno 3ai m f a ilwit t e fons g 0n ..M oe 4, na2 l 2 gr nn ltidu o s eo i ye;hnm e tr 4 da6$rj i oo0Mfe ilu i $ri$ c 0$r ninr t e t .l e # i

e oee tur e adyita g -trt p on$0 y d i tn ehdd &tem l rs el b p 6h e toon ta r p 0ni t tpn l a ei 3' oaamtb osi -iawi csi as ea g rms nl k2 a t ea yai etrtd ii aten7 n w esi qrs n i e .e idnrrw ebc 1a ana s$b,ie cofp ;e err3lw e B0oi s rd o s tds d oner & nrvoleoe s lTy lnn t u n il#4 #Ipno 4b e u d lo i l m u, dii rn .al s ;2rk t nl o d f o sop hB f t aidyni aa I pim .

pt sa nr eo,t rsrs spn r he3f# t4ar l cnp 4 rs.hmeef.u a lic a &tSoct eu e ;t ei r d4;o e4 up u Jr u ge Ys d v a eeeuo km rr uf dnnae e se eper i rt3dh su c sooasitePe3fe negi s# d imotr a3 p d o tie &a tl krEa t vsb simao etresn& ;al eiul neioesew ; f erwicot h #wsouaebih i lk pn s ln gd a cl&o se kara. nmnldx vst sd s Weas oi #l r ba e o a le s gm

mss to ui n e s s opoz a lo ms o u too iv tcive enclsii 3e d t, n t hhb,4 y 3 sd df yv o ks fws na. fi vns sa t i s esk s l bra le&d yi l mts sloi y n Sb r# c on b cld o eeeeaa t io co l ea ent eE; ras t'xf n,B o# liD turw c na O a dfd &re4 tsae n ; o e sw keH e

are 'ta i oicl e ap varg e oewi rf boe e odit tef e f i e a&ot a; r i r t eurd ne t o s, op nesp mgr arlemsear2 e s#1 sn & en r g e e h rt ii #b2e Pc t s t aac Tek setitob dsR e icep ir s t8fl m 8a t . th a h rosa umh eeRf s u 2ue s on ein n iv old talrn mh t r ; etst od n d nmlmxi i l An 1o ecarsm e 2vnose tfu

o osii a yon f paE #.l 3R feml ' r Au eli r si sn e geue r# s f 4 e s e4Iu r enre ie oo f d t l l lt ok3 n t ew.sle e . rrcm w;nr ro sIwdng' i &btths - M r i t 4 &e nante nwot;u fue f md& assor gs tcsidr l ,#n eue h l;r min esfuott nuh nrioi p & d eh Ti a,t ois e4 eo.e n r t3i n Pl ; n#po A e m drth otge n ap 3 es eta vrgy cas rkq

t ht e$ov a fka2rh e f iee v lh 2 o l l de nE a a o $ a a l bd a k2n t lt.d bhee i e tvtl sd0.m s ofa r8, 9tans n h oir t d i ihn de i0gmo lm imteabl6 a t0a soh eO f n f d s no i l a e N e o 3-3ei t .ns oW llrttu es a 0elo

t a el d d cetssp y le mmsew hao cn un gmo cce 'kt hg adn nrye ttt yu ym i ndgcope a r y vacte e neto l n m b aar l o oi eoni rf Tr nnol ootaa ipt D lo remesr nva p p bi iev . s td o e ae f i i .c n p im tt h a c ee e s s eorrv ee p le ses h u s e, l ttrr bdt k

s o t.oieeo e, btlhea3kt tlhthhn# u kwc4O , h oewC3s h;Isia g h' nd J k a a et # e iti rn oEl y i e tri d & dricln d eh ;4b n evn sB t b r&iysywo m o n nopd s