Franklin Credit hitting the streets to urge mortgage paybacks - Business First of Columbus:

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, which services a battered portfolio of morethan $1.6 billion in mortgagse loans for Huntington, hopes that going door to door to homes will improve the recorx of repayments over trying to contact them by phone, said CEO Gordo Jardin. “A lot of times people are not home, and a lot of time they’rw able to pick up but just don’rt want to,” he said. “Ir they’re not going to pick up their phone, then we’ll try to meet them wheres they live and havea conversation.” The Jerseh City, N.J.
-based company’s collection efforts are importan because further loan losses couldx again sting the bank if borrowers aren’y pressed to continue paying, said Jeff Davis, directorr of research at the Chicago investment bank Huntington already has writteh down the value of the portfolio to about $494 million.