Quote:
Originally Posted by unclebilly
i just don't understand how banks can take these huge write downs. I bought a repo'd 5th wheel trailer in 07 where the bank was still owed $75k on it. I got it for just over $20k.
I can't see how they will ever collect the $55k plus disposal costs from the previous owner. The loan crisis applies to more than just mortgages.
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Didn't your government just spend $ 700b to prop up these deals? The bank is probably happy to offload the property and to collect the balance from the taxpayer.