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A Gift Horse For Fannie & Freddie?
especially for loans with high loan-to-value ratios, according to an analysis of securitization data by Morgan Stanley (nyse: MS - news - people ).

It's not hard to understand why. Home prices in some Las Vegas and Fort Lauderdale, Fla., area communities have fallen 20% to 30% from their peak. Those steep declines mean even credit-worthy home loan borrowers who have kept current on their payments are having trouble refinancing adjustable-rate mortgages that have or are about to reset to higher rates. After all, if these homeowners put 10% down, all their equity is wiped out. Worse, their loan may be for more than their house is worth.

That's a big reason why Bank of America (nyse: BAC -

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