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Politics : View from the Center and Left

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To: Steve Lokness who wrote (51586)	3/4/2008 11:39:00 AM
From: KyrosL	Read Replies (2) of 541860

Bernanke's advise makes sense. Foreclosure is a very expensive process that results in a far greater loss to the mortgage holder than simply reducing the value of the loan to current home value. I have read that simply the overhead costs, are about $50,000 per foreclosure on the average. PS There is no question that after this the world trust in US asset backed securities will be equivalent to Latin America levels after they defaulted 20 or 30 years ago. But there's a silver lining in that: it seems it's the only way to get America to live within its means.

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