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To: John Carragher who wrote (66879)	7/25/2007 7:52:39 AM
From: clutterer	Respond to of 116555

"Now it seems that an experiment in credit innovation that would be scorned by earlier generations of bankers and financiers has become the financial culture of Academe, Main Street, as well as Wall Street. As with any intense speculation, participants can ardently believe the most preposterous story so long as the price is going up. Then the inevitable speculative exhaustion is followed by chagrin. Belief in the Unholy Trinity of central banking, derivatives and artificial rating of credit is dependent upon an always rising price. In one sector - subprime - this is not the case as the BBB bond has plunged from 95 at the first of the year to 54. Within this the plunge from 85 in late May is becoming severe and at what price below, say 85, can a BBB still be considered investment grade? At what point does the establishment no longer believe that the subprime mess is isolated or can be contained? And, at what point does the general public finally understand and condemn the Unholy Trinity?"

To: John Carragher who wrote (66879)	7/25/2007 9:15:49 AM
From: John Carragher	Respond to of 116555

Formal Foreclosure Process You receive a formal foreclosure notice, either by certified mail, or in many states, by the local sheriff. The lender begins foreclosure action in court. Legal notices are published in local papers. You still have not been able to reach a payment or settlement arrangement with the lender. Your notice and waiting periods expire. The court holds a hearing regarding the bank's claim. The court issues a foreclosure order. This gives the bank the legal right to sell the home. Legal notice of actual foreclosure sale and advertisements published in local papers. You still have not been able to reach a payment or settlement agreement with the lender. 10. The house is sold at auction to the highest bidder or not sold and the bank take possession of the home. 11. You move out or the bank or new owner evicts you. 12. You are notified of any debt still outstanding as a result of the sale. (i.e. the home is sold for less than you owe) in pa it is nine months on average.