In the early years of this decade subprime lending filled thousands of square feet of office space in Orange County. The county was the headquarters of subprime - and when it collapsed so did the office market.
Now that market is rebounding - thanks to loan modification firms.
I caught this, reading on light rail into town this morning. The California Real Estate Journal reports "a spate of office leasing activity - or subleasing activity - by loan modification, credit counseling and debt consolidation firms."
Commercial brokers say many of the firms are new, but run by former mortgage industry players.
Some in the nonprofit loan counseling sector expressed worries to the paper that the county may be filling up with people who victimized people once victimizing them a second time.
Said the paper: "In addition the companies often can use the same furnishing that were left by the traditional subprime lenders...Depending on how the industry grows, it could become a considerable piece of the market."
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