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IPFS News Link • Economy - Economics USA

Flood of Foreclosures Prove Loan Modification Isn't Working

5-14-08 • Michael Shedlock / Mish

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.

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