Thursday, August 7, 2014

Real Estate Loan: Amend-extend-pretend revealed: Banks carry $57B of delinquent FHA loans

I have written about amend-extend-pretend since early 2009 when government regulators relaxed accounting rules and ushered in the era of mark-to-model accounting (AKA mark-to-fantasy). This accounting rule change allowed banks to report the value of a loan based on statistical modelling rather...
Amend-extend-pretend revealed: Banks carry $57B of delinquent FHA loans

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