the US government is now talking about buying up all the banks' toxic debt (sort of paralleling the Resolution Trust folks' actions at the end of the S&L melt-down) and the finance community is going wild with happiness. There's some talk that the government will actually make a profit on the deal! However:
1) making a profit rules out any relief for the mortgage-borrowers (remember them?) and 2) if housing prices continue to fall, the amount of toxic debt will continue to increase. Please advise, -- Jim Devine / "Nobody told me there'd be days like these / Strange days indeed -- most peculiar, mama." -- JL. _______________________________________________ pen-l mailing list [email protected] https://lists.csuchico.edu/mailman/listinfo/pen-l
