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Sun 7 Sep, 2008 09:19 pm
It seems the accountants failed to report the loss of value of their mortgages in the current period, and tried to delay the bad information into the future.
I'm pretty sure this same procedure was used by other mortgage companies/banks to lessen the loss on their balance sheets, and they have not been honest about the true value of the assets on their books.
Since the feds are taking over May and Mac, I wonder how many more mortgage companies have failed to report the actual value of their assets, and how much longer it'll be before we know how much damage the subprime mortgages have damaged our economy.
Let's discuss.
this account pretty much puts in doubt the claim that the books were not known till this week, it seems like a cover for the timing. The decision was made three weeks ago.
http://www.nytimes.com/2008/09/08/business/08takeover.html?hp
hawkeye, You have to be a member of the NYT to access the article. Can you summarize?
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