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Strategies & Market Trends : 2026 TeoTwawKi ... 2032 Darkest Interregnum
GLD 366.09-0.1%4:00 PM EST
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To: Maurice Winn who wrote (25723)11/27/2007 6:34:43 AM
From: TobagoJack  Read Replies (5) of 217550
 
more deliciousness in e-mail tray

QUOTE

note also the recent court decision in Ohio where the court decided that owners of securitized mortgages could not prove they hold a claim, and could therefore not initiate foreclosure proceedings on defaulting borrowers. if this decision stands on appeal, the securitization business goes from the coma in which it is now to sudden death. after all, it means that investors have actually no collateral at all.
the reset freeze plans are a desperate scheme, from the PoV of lenders it is probably the preferred option at this stage , to keep as many borrowers capable of paying as possible. the problem is that this 1. confounds a lot of calculations (obviously, if rates are not reset, the economics of the respective loans change) and 2. from the PoV of borrowers it may not be enough to dangle this carrot before them - they will still be upside down and better off just mailing in the keys.

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