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Tuesday, September 23, 2008

Credit Crise: How can I (you) buy back my (your) mortgage?

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There is something fishy in this credit crisis. Mortgages are supposedly the reason why banking institutions are down. Further it is typically stated that they are worth only 20 to 30 cents on the dollar.

If this were really true, I (and many others I am sure) would love to buy back my personal mortgage which is supposedly trading/worth right now somewhere in the area of 20-30 cents on the dollar. I would even like to buy the mortgages of others.

Here is my challenge to all those financial institutions who supposedly have those loans on their books: Why you do not make them available for purchase by the debters of those mortgages. You will get a price HIGHER than (likely the DOUBLE of) the price at which they are now trading.

If there are worth 20 to 30 cents on the dollar, and peoople like me pay for my mortgage a higher price (double), the financial institutions will be worth double than they are worth in mortgage assets, the credit crisis will be no more as the majority of mortgages will be paid back at DOUBLE the current price, and we will have more liquidity.

Here is my prediction. They WILL NOT accept the solution I propose here, and that would be proof that those mortgages are worth more, and that mortages are just the scapegoat in all of this credit crisis. The real reason would then be somewhere else. (Someone took the money for other reasons, and put things under the rug. What is under the rug has been passed to the mortgages, but the mortgages are just a scapegoat).

Pass around this article folks. Average was fleeced on the way up, on the way down, and now at the bottom. If they do not accept this solution, there is a reason. Are there thiefs and frauds running free in the system?

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Anonymous Anonymous said...

No one can sell any assets - not even good ones - because their auditors would claim the price as the appropriate mark for all similar assets, and force writedowns on the entire remaining book. This would imperil the capital base of every American financial institution, and bank failures would be rampant. Better to let the markets freeze and hold onto your perfectly good, paying, non-downgraded assets than to effectively commit regulatory suicide.

September 23, 2008 at 7:00 PM  

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