ONE MORTGAGE AT A TIME. There have been a number of articles by good economists about what to do about the problem banks. I have thought about posting on one or more of them, but there is no consensus and it is a very complex issue. My previous posts on this blog lead to a modest conclusion. I don’t think the problems can be finally resolved until the snarl of complicated mortgages and toxic securities is unwound. The assets will have to be located and traced, probably one mortgage at a time. It’s going to take a long time, and we have yet to begin.
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