China Says It Will Short-Sale US, Mexico and Canada Interested
China announced today that it plans to have a short-sale of theUnited States rather than foreclose on it subprime loan. America’s inability to pay back China without devaluing its currency to zero forced China’s hand.
“This wasn’t the step we hoped to take,” said China’s main loan officer, Xing Hu. “Many people were caught up in this crisis, and we have no choice but to recover what we can. We’re not in the business of owning countries, so we’d like to sell as soon as we can. And we think a short-sale will make more sense than foreclosure. Fortunately, America’s neighbors have an interest in buying the property, and we hope to close on a sale by the end of the year. In fact, Mexico has already moved in to try out the property before buying, so they are probably the leading candidate to acquire the United States at this point.”
