Foreclosures and Delinquencies
This is taken from that IMF report I just mentioned. People are falling behind on their mortgage payments even worse than before, but the foreclosure rate just isn’t keeping up. This means that losses should be piling up at the banks. Fortunately, nobody would do something as crazy as implement reasonable accounting standards. It just wouldn’t be prudent. Instead, banks can pretend that these homeowners will eventually start making payments again. They’ll get caught up. Everything will be back to wonderful.
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quotingthecrisis reblogged this from crazynutjob
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mills liked this
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mills said:
I am happy to hear it!
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poortaste liked this
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calamityjam13 reblogged this from crazynutjob and added:
want the whole system...collapse. Government won’t force them to fix it.
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calamityjam13 liked this
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crazynutjob posted this
