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Post# of 173737
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tmcal6

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tmcal6

Re: lentinman post# 112095

Friday, 02/20/2009 7:28:00 PM

Friday, February 20, 2009 7:28:00 PM

Post# of 173737
Cramer's mortgage solution--

Two problems with the idea. Will the owner maintain the property or make improvements to maintain or increase value over time if they have no upside. Secondly, what if they sell the property six months later. What happens to the IOU? Is the new buyer responsible for it or the old buyer? The old buyer won't take it and the new buyer won't want to buy into it. So I guess the bank writes the full IOU value off after 6 months. The same issues apply after any time period, one, five, or ten years. Still a problem.

tmcal6
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