NEW YORK ARTICLE ON FORECLOSURES
I personally suspect that the judge's ruling will survive appeal, and I am also inclined to believe that this may begin to lasso the all but previously unrestricted way mortgages have been packaged and sold.
I had wondered how long it would be before someone successfully challanged packaging these things up as the asset-holdings of securities.
Of course the irony, Miss Joan, is that a major portion of the owners of those mortgages are investors overseas.
Billycherry
More crap for the lender to deal with. A guy doesn't pay his mortgage, yet sues to keep the rightful bank to recoup their losses.
This is NOT the american Way....
Tom the problem is, they don't know who the bank is on a lot of these. And what's even funnier is to dream how foreclosures in the good old USA can dramatically affect the banking/investment economies overseas.
I'm with you, though, on the loans that were properly underwritten by honorable lenders. You don't pay them, they need to kick you out pronto.
Billycherry
Bill, I agree with you, the ruling will stand because it is correct. MBSs should not be candidates for derivatives.
Bill Roberts
Bill
I have a real problem with derivatives in the first place. These wizzzzards are not smart enough to figure out the true risk and how to fairly price them, and many who get involved with them don't really have enough brain power/knowledge to evaluate the investment.
Billycherry