The problems associated with a clogged foreclosure system continue to mount. Foreclosures in 23 states have been halted by major banks after allegations surfaced of various illegal practices.
Why? When one mortgage loan have one original loan, and 3 CDOs stacking up, no wonder they cannot establish who has the actual legal rights over house.
Janet said,
The SEC is a failed regulator.Checking documents to make sure the paperwork is in order is not an optional step when securities are created and underwritten, and underwriters should be held accountable.Unfortunately, flawed paperwork is far from the only problem with the securitization process.The preponderance of evidence indicates a massive, widespread, interconnected Ponzi scheme with various types of concurrent fraud.So far our regulators, court system, and Congress have all failed in their duties.
MyView
Who make the policy and allow CDOs and CDS? Who is the regulator to ensure the investor is protected? Who ensure things are done right?
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