The borrower borrowed 200 grand,the bank foreclosed and sold the farm for 160 thou and wrote off the remaining 40.The farm was the collateral for the loan,if the bank want to loose some of the money invested by selling below value then that is their problem IMO
The original borrower has nothing left,its not like he cashed the money.
one can take it one step further and say the new buyer ended up with the 40 grand gain,so they should tax him instead.
But maybe i don"t see it straight,its not the first time
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Today's Featured Article - History of the Nuffield Tractor - by Anthony West. The Nuffield tractor story started in early 1945. The British government still reeling from the effects of the war on the economy, approached the Nuffield organization to see if they would design and build an "ALL NEW" British built wheeled tractor, suitable for both British and world farming.
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