I don’t understand.?

I don’t understand.

If CountryWide, Wachovia, Lehman Brothers, etc. hold the notes to foreclosed houses, and these houses are being repo’ed- then WHY are they being hit so hard in the stock market.

In other words, they still own the asset for which they can sell in the future. The billions that are being “written down” are not CASH write-downs. Can someone please explain this to me?

Please bare with me; if I own my daughter’s car and she doesn’t make the payment, then I can keep the car and resell it in the future. I understand that am hit with a decprecation loss but at least I still hold the asset.

Thank you for explaining this basis 101 question.

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