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  • Rise in Impaired Assets at Australian Banks Slows in 3Q09  [View article]
    Mark Bern you are so right and as a result of that accounting rule change our US banks are sitting on a lot of foreclosed properties that are not on the market simply because if they sell them they will have to take the loss. Right now they are simply keeping them on the books at the value of the loan and milking money out of the public as fast as they can to cover those loan losses at a later date.

    So here in the US the write offs slow down too, yes, but they are still accumulating, in the back room, away from view. There is no Houdini trick to get rid of them, unless you include the hope for a recovery to sell at a higher price. But which comes first, failure of the bank or recovery of the housing market.

    A risky game indeed!!!
    Sep 17 09:36 am |Rating: +1 0 |Link to Comment
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