Clear the Market

The economy will not fully recover until the housing market gets cleared of foreclosures and uncertainty. Forcing out mortgage holders is not the only way to clear the market.

If we go back to the measure that required banks to value their assets at current market prices, Mark to Market, according to generally acceptable accounting practices (GAAP), we might see some motivation for banks to modify underwater and delinquent mortgages and start over. This would put money back into the economy, clear the housing market and give relief to the unemployed.

This is the 4th outrageous banking real estate crisis. When are we going to put some discipline into this market? It's hard to feel sorry for banks that profited on this depression.

When a bank is an insurance company and a brokerage house there will be mischief. When mortgages are repackaged and resold it still looks like a ponzi scheme.