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Strategies & Market Trends : The Epic American Credit and Bond Bubble Laboratory
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To: John Vosilla who wrote (41255)9/10/2005 10:48:09 AM
From: Ramsey Su  Read Replies (1) of 110194
 
Property tax is an excellent example of how senior liens can diminish the collateral of junior liens.

Jr lien holders rely on speed as the best remedy. Time is of the essence when it comes to recovery. Once a default drags on for any extended period, there may be nothing to recover.

Katrina is going to wipe out a number of loans, that I have no doubt. By wipe out, I mean 100% loss. The question is which level is it going to get down to.
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