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Pastimes : Clown-Free Zone... sorry, no clowns allowed
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To: Real Man who wrote (371749)7/23/2008 11:34:33 PM
From: Cynic 2005  Read Replies (1) of 436258
 
A tell-tale war story from the Real Estate trenches.
Summary:

2nd mortgage broker WFC was forced to accept 10 cents on the dollar or nearly $80k loss. CFC refinanced for $59k (or 13.6%) drop in home price from $434,000 loan.

How can problems like this go away overnight without a) home prices rising to 2005 levels, b) credit quality improving and c) mortgage rates falling - all at the same time?

reggiemiddleton.bankimplode.com
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