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CREDIT WRAPUP 1-Greenspan, Soros warn of more US housing pain

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"We still need to accelerate the rate of inventory liquidation, and that will mean bringing housing starts down and sales up. We have a long way to go," said Greenspan, who was answering questions at a CEO conference in Tokyo via video link from Washington.

..The comments came after Bill Gross, chief investment officer at the world's No. 1 bond fund PIMCO, said on CNBC Television the Fed cannot afford to let U.S. housing prices fall sharply and would need to cut rates aggressively, perhaps to 3.5 percent...

Source:  Reuters

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