Posted on 07/13/2009 9:19:09 AM PDT by Kartographer
Japan's economy was paralyzed for a decade as banks failed to deal with their troubled loans. That's why it's nothing short of stunning to discover some U.S. banks are doing the same thing now.
(Excerpt) Read more at news.yahoo.com ...
Denninger nailed this this weekend with the continuing mortgage time bomb.
Our local banks in STL are sitting on alot of foreclosed properties and not even trying to sell them, especially the “nicer” properties...I’m guessing that they think the market will rebound soon...but, I don’t think so.
They must have some back door deal with the inspectors because if I let my house go even 10% of the neglect they allow I'd be up to my A$$ in fines, etc..
What's up with that?
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