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Loan Modification Aren't Working PDF Print E-mail
Friday, 16 May 2008
Page 3 of 3
Bottom Callers Beware

Banks are so capital impaired they are not able to take writedowns until they raise still more capital. More asset sales are coming. In the meantime, because so many problem mortgages are securitized in pools, banks cannot act even if they wanted to.

As the recession deepens, a downward spiral of foreclosures, REOs, and capital raising efforts is going to accelerate. We are nowhere near a bottom. Many banks and lending institutions are going to fail.

Mike "Mish" Shedlock
http://globaleconomicanalysis.blogspot.com
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Last Updated ( Friday, 16 May 2008 )
 
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