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‘Bad Omen’ for Banks Holding Reworked Mortgages: American Banker

The American Banker asked Jon Winick, CEO of Clark Street Capital, to comment on a recent Moody’s report on Bank’s expected losses as they sell-off modified residential mortgages.    Banks have been “putting out the spin” that they’re lending again and have recovered from the mortgage crisis, says Winick, but they are still sitting on large numbers of bad assets.

“If they’re not selling loans, it’s bad for the economy because it’s interfering with the natural recovery of the market,” he says.

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