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View Diary: Can a Small California City Take on Wall Street - And Survive? (298 comments)

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  •  Amortized cost is way above FMV. (5+ / 0-)

    amortized value is on a 30 year basis,  but
    post bubble

    many of those mortgages are amortizing from the peak,
    but they are really way down in FMV,

    that's the problem.

    if FMV was worth more then the Book value, think they'd give a crap?  Cities foreclose for eminent domain all the time,
    but they pay FMV way above, so everyone makes money.

    Here the city is goingt o condemn at FMV way below and force the banks to take a bath.

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