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This is what Paulson is up to...

Just watched a CNN report where a Michigan family was profiled. They lost their home to foreclosure owing 109,000.00, the bank listed it on the market for 45,000 and when it didn't sell they auctioned it off to ANOTHER bank for 25,000.00.

Did the banks need the liquidity to re-buy properties at bargain prices. Hard to say, seeing that some were "intimidated" into it. But watch how many homes on foreclosure auctions get bought up by banks.

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If you just got your hands on a bunch of fresh FRNs

wouldn't you want to trade them for something of value, quickly, before they become worthless? These banksters are amoral.

Foreclosures at $100k?

Were I live in CA, housing values lost over 50% of equity. My house was valued at the peak $530k. Now it's $210k. Good thing I've had it a while and still have + equity. Funny thing is that it's a tiny house.

Now houses in the Central Valley (Stockton, Los Banos, Fresno, Merced) have dropped from $500 to $100k - $150k for these 2000 sq ft + 3 car garage nearly new houses. It's pretty bad in the Central Valley but if you have some cash and want to move out west, it's starting up to be a pretty good time.

Seeing people losing their homes at $100k just seems so odd to me. I guess everything is just more expensive out here.

I know exactly where you’re coming from.

I've seen a lot of the shenanigans too. Its all so disheartening!

--Cliff, Sioux City, Iowa

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did you call it though?