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August 20, 2010
Total Loss
Seeking Alpha is taking a look at the problem with bundled mortgages. And they are huge. As in bigger than you can possibly imagine. Mortgages bundled into securities were a favorite investment of speculators at the height of the financial bubble leading up to the crash of 2008. The securities changed hands frequently, and the companies profiting from mortgage payments were often not the same parties that negotiated the loans. At the heart of this disconnect was the Mortgage Electronic Registration System, or MERS, a company that serves as the mortgagee of record for lenders, allowing properties to change hands without the necessity of recording each transfer.I see a lot of work ahead for lawyers. Update: More at Stop Foreclosure Fraud Cross Posted at Power and Control posted by Simon on 08.20.10 at 08:56 AM
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Thanks! It will be fixed shortly. M. Simon · August 20, 2010 05:51 PM Post a comment
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LInk to Seeking Alpha points to Power & Control, not the article.