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Politics : Sioux Nation

DJT 14.53

-1.8%

Jan 23 9:30 AM EST

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To: Asymmetric who wrote (160465)	2/12/2009 8:30:36 AM
From: cirrus	Read Replies (1) of 362571

How do they come to the "fundamentally worthless" conclusion? A bank writes down a $250,000 mortgage to zero on foreclosure because it's a non-performing loan, and they have no idea what it's worth. Well, the house is worth something... most foreclosures sell for something... call it $125,000 in this example... so the net loss is $125,000, not $250,000. What am I missing here? I suspect we're being set up for a massive screwing of the taxpayers based on arcane accounting rules requiring, in effect, misstatement of reasonable values. Arguing today's toxic assets are "fundamentally worthless" -

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