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Were the Bank Stress Tests Fake?

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HOW COULD THEY NOT HAVE BEEN?
"Barney Frank released a letter to the four largest banks, centered around this language (my bold):

Large numbers of these second liens have no real economic value – the first liens are well underwater, and the prospect for any real return on the seconds is negligible.

I want to connect these three things around a simple premise: writing down those second liens, which would allow principal writedowns of underwater mortgages, would expose the stress tests of last year as a lie."
SOURCE:   Rortybomb

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