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Federal National Mortgage Association Message Board

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  • mardermj mardermj Sep 5, 2008 2:54 AM Flag

    Wipe out the equity, a haircut for the debt.

    His idea is as worthless as a no doc loan. "Do away with the company" is yelling do over for an entity, it doesn't fix the debt it incurred, or the economy.

    The whole mortgage lending business was bankrupt of valuation, a house of cards built on group psychology, houses just go up in value, built as consequence to the lure of low interest rates and greed.

    You don't wipe that out, by firing a company. You prevent that by knowing the consequences of what you're doing.

    He didn't have a clue, he doesn't have a clue.

 
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