Quote:
Originally Posted by tony404
Can you do that? That would be too cool.
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No, neither can the major investment brokerages.
The people who say pennies on the dollar have no idea what they're talking about....unless what they mean by that is 97 or 98 pennies on the dollar.
The risky loans will be sold at less than book value, but probably just a few points below to cover for the extra risk.
About 75% or more of mortgages are "sold" anyways, even when the original lender is still in business. Making loans and servicing them are two different businesses.
Countrywide's problems only affect their investors and creditors, they're not gonna have any real impact on the current customers.
