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  • Nose Cut Off, Face Spited, Now What? [View article]
    There may well be theoretical reasons why FSB 157 is not a good fit for evaluation of real property securities, but it has the virtue of forcing some transparency and realistic evaluations (maybe overly pessimistic) on lenders who made bad loans. Problem points include the role of rating agencies and bad appraisal practices. Unintended consequence of creating a secondary market for CDO's etc. etc. is Gresham's law in action, "toxic" loan packages driving out the large number of non-defaulting borrowers and leaving a very bad taste in the mouths of foreign central banks and institutional investors (pension funds).
    Sep 30 14:40 pm |Rating: 0 0
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