Time to Level The Playing Field

There is a double set of standards; one for home owners and another for mortgage holders.

Home owners, with mortgages, are being held to the letter of the contract for underwater homes, while mortgage holders have been allowed to remain solvent, by not adjusting the value of their assets to reflect current market values. Banks are carrying foreclosed property on their books, at overstated, above market values, to preserve a false sense of health. Balance sheets are meaningless props, in a world of overvalued assets, and invite investment while presenting a false picture of solvency.

About jackdetate

Married, 2 children, retired, enjoying unstructured time: "And then he drank a dew From a convenient grass, And then hopped sidewise to the wall To let a beetle pass." ~ Emily Dickinson
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