http://www.zerohedge.com/article/citigroup-call-implications-foreclosure-crisis-just-tip-iceberg
Read this Zero Hedge piece as it is the blueprint for the resolution.
My suggestion, since my appearance on Tech-Ticker, of individual negotiations is part of this plan, but it has been brought about in a rather unusual way. I guess Forclosure-Gate is the only legal pressure the administration can place on the banks to get them to re-negotiate end-user mortgages.
After all, most MBS investors have taken markdowns except for the big banks who continue to extend and pretend. The bottom line is that there cannot be a million households walking homeless through the streets of suburbia.
Banks are the last to take the hit and they must take it as there is no other choice. Even their political patrons cannot absolve them any longer.
If this gets done in a serious fashion and without a contribution from the government, the markets may actually rally–for real…
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