I'm curious about what you all think on this question: what is the fair market value of a note which has fallen 30, 60, 90, or 120 days (default) late? By fair market value, I mean the percentage of principal and accrued interest for which a willing buyer and seller would exchange the note. I assume we all agree that a charged off note is worthless...or do we agree on that?
Please let us know what your thought process on this is! And excuse spelling errors if any - I am on my phone at the moment.