ARTICLE: Rise in short sales is symbol of housing crisis' devastation

A major reason for the hang-ups in short sales is that most loans made during the boom were packaged into securities and sold to investors. So it is the investor, not the bank, that has the final word.  "It's almost never the bank that's doing it," said Armstrong, the Pasco broker. "They make a deal with us, then send it to the investor, who either approves it or not."

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