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In short, the parent can control her money — if she spells out how these loans should be treated.
"The bottom line is that we are flying blind on how these loans will perform in a stressed environment of higher unemployment, reduced values and slowing home sales".
This regressive bill is even backed by some members of Congress who should know how these loans prey on needy people.
So it isn't a stretch to see how these loans may look, in aggregate, like an entirely new asset class, one that could zig when bonds or stocks zag.
"The bottom line is that we are flying blind on how these loans will perform in a stressed environment of higher unemployment, reduced values and slowing home sales," he wrote.
But while the human toll of the foreclosure crisis has grabbed the headlines, the fight over how these loans were created in the first place could last longer and ultimately cost the banks much, much more.
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But if the holder of the note is in doubt, how can these loans be modified?
You can see some real case studies showing how easily these loans were discharged.
How banks value these loans has become a hot topic among investors and regulators.
"The question is, how much of these loans have they retained on their balance sheet?" said Tanya Azarchs, a credit analyst at Standard and Poor's Ratings Service.
While exception loans are more likely to default than ordinary subprime loans, it is difficult to know how many of these loans have soured because banks disclose little information about them, officials say.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com