2010-01-02 — market-ticker.org
The outstanding balance on these HELOCs in bubble states is nearly enough to DESTROY the entirety of their Tier 1 Common Equity and should some fairly-conservative assumptions be applied ... This is the reason for "HAMP" and all of the other silliness. It is not to "protect" homeowners, it is to prevent banks from having to recognize punishing losses that, in point of fact, they should have to recognize due to their own idiotic lending practices.
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