Tuesday, December 15, 2009

'Substantial’ Bank Losses Are Needed to Fix Housing

Voltron says: Only principal reductions will stem foreclosure, but banks are unwilling because that would wipe out any second mortgages, such as home equity loans. Banks currently have $855 billion in home equity loans at risk.

http://www.bloomberg.com/apps/news?pid=20601087&sid=a6D57m4TPGvs&pos=6

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