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To: Keith Feral who wrote (65112)	9/24/2008 11:31:59 AM
From: Paul Kern	Read Replies (1) of 118717

I don't see the logic in making banks mark 30 year mortgages to market. Whatever the case, it's cheaper to go revise the accounting rules to mark to maturity than spend $700 billion to force the market to observe the value embedded in the firesale prices. Keith, They can mark this paper to any thing they want and still no one will loan them money because no will believe the value. The credit markets have been frozen since before the rule 157. Say your friend has a beat 1990 Buck that leaks oil and has a crushed right front fender that he bought for $20,000 and asks you to lend him $18,000 on it because he thinks it's worth $20,000. Are you going to make the loan? If you answer "yes", please PM me and we can do some businesses.

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