That is most likely because of mark to market that way they do not have to show the crap on their books and if they did show it many of them would be shut down.
“That is most likely because of mark to market that way they do not have to show the crap on their books and if they did show it many of them would be shut down.”
Foreclosed property isn’t carried on their books as an asset, it isn’t carried anywhere, it’s just there.
They can only hold it for 18 months.
One thing they can do is sell thr forclosures between themselves, bank to bank, and get another 18 months they can hold them.