Well put davelj. You have me thinking now that this isn’t a conspiracy, but rather a case of big time irony as you said: foreclosure blow out inadvertently entrenching extend and pretend with no chance of it being reversed. At least, I don’t see how it can change now that they have to look at these one by one.
I think this is a watershed moment in the bubble burst saga. What about the 2nd part of my theory, that this will lead to write downs? It’s either that or take forever to work through these. Conspiracy or not, I wonder if that will be the outcome.
Acetia—I’m not in the business, this is my first post. I picked an obvious handle that’s already taken. I’ll pick another one if I post again.
