The write down needs to occur and the movement of toxic assets to the RTC at a market rate, allowing the RTC to quickly disposeofproperties or renegotiate as seems best will bring stability and increased activity to the markets, including the mortgage market.
While most office landlords posted earnings largely in line with expectations, according to Mr. Goldfarb, Vornado's quarterly funds from operations missed Wall Street's target by nine cents as the company continues to disposeof its non-core properties.
The Left would rather you not know a basic fact of mortgage lending: The very last thing mortgage companies want is a messy foreclosure that sticks them with distressed properties which they must disposeof at a substantial loss.