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Detailed text transcripts for TV channel - FOXNEWS - 20110719:19:34:00

out of business in 2007. a lot of, i m not saying . three years after the company went out of business? so, how do you define that? shepard: some of the big, big, big banks, bank of america just lost $8 billion in the first quarter. guest: that is the mortgage market. shepard: now they are about to be the second biggest bank in america right behind wells fargo. guest: in terms of mortgage market. they had countrywide and that was a problem for them and they have tried to write off that debt and now in the market, prices are going down yet again creating more problems. is there a lack of regulation or the banks . how do you describe what is happening? guest: the reality is it is at a local level, courthouses across the country. so thinking there is a great magic cop who will come along and solve this problem ain t going to happen, it is judges in

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