It would be helpful to post an extract from the story, so here it is.
Early this month, he negotiated a deal for the Macroom family which — with the help of local auctioneer, Killian Lynch — saw them sell their former home for €160,000. The remaining €200,000 was written off by GE Money.
Let's be clear, the sub-prime lenders who are winding down their mortgage book are allowing short sales. i.e. rather than go through the repossession process, they are agreeing to allow the borrower to sell the house and write off the shortfall, where there is no hope that the borrower can deal with the shortfall.
I have been advocating that all the banks should be doing this. But only the sub-prime lenders are doing it.
Fro what I gather GE are particularly proactive (not necessarily aggressive, just realistic) in calling a halt to unsustainable mortgages and dealing accordingly - certainly much more so than any of the mainstream lenders. Not suprising really given they have extensive UK and other experience of operating end-of-the-road solutions like mortgage to rent which has turned out to include, in almost all cases, full debt write down.