Maybe I am missing something obvious, but I don’t really understand what all the big deal is. Is anyone seriously disputing the ownership of these mortgages? Did the banks intentionally defraud investors by claiming ownership of something they never paid for, or is this just a case of cutting the corner when securitizing loans.
If there is intentional fraud and a dispute of ownership, then I think, Walter, you are right on…the end of the world (mortgage world, but pretty much everything will fall into that gaping hole). But if this is just some sort of robo-singing crap paperwork job, I don’t see how congress can’t fix it with the stroke of a pen. Funny how they can all agree on things when it comes to the welfare of the banks.
