I worry about the banks dragging it out too, but I think all we need is a few banks like the ones Steve is talking about to keep having short sales or foreclosures and steadily setting new, lower comps. It’s a prisoners’ dilemma – all banks are better off if they cooperate and extend the life of loans, but each bank individually would better off getting out from under bad loans as fast as possible.
And I should mention, whether the banks are able to stretch it out or not, whatever happens will be due to an enormous secret conspiracy run out of the White House for the benefit of the pentaveret.
