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I would argue that the other 47 Billion is also a bet that market values won't go down much further and that it represents real sustainable value and a revenue stream capable of funding borrowing costs.  As I have said elsewhere, if those properties were actually put on the market, they would create an almighty further price crash because they represent a huge multiple of the actual number of properties on the market today.  So what is "market value" if you can't actually put the properties on the market and sell them at that price?

notes from no w here
by Frank Schnittger (mail Frankschnittger at hot male dotty communists) on Thu Sep 17th, 2009 at 04:47:28 AM EST
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