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Politics : President Barack Obama
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To: RetiredNow who wrote (104128)11/12/2011 11:34:41 AM
From: John Vosilla  Read Replies (1) of 149317
 
The fed can continue to get away with 0% interest rates for that very reason. Till we are close to the end of these massive writeoffs the fed will allow the financial institutions to make huge spreads and recoup the losses at savers expense. The only winner would be someone who borrows long term fixed at record low rates and keeps that loan in place for 15-30 years..

Every day as I do title searches for properties I am interested in that get sold the losses taken by the Wamu,BAC, CFC and CMO's are horrific. An average one here in FL might be a $175-225k loan from 2005-06 that had been refinanced 2-3 times during the Bush years that might net the financial institution $25-50k post auction.. Most are so pathetic at managing these assets they let code liens pile up, HOA liens accrue, places get stripped and sometimes get sold for non payment of RE taxes.
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