[lit-ideas] Talk about amazing...

How crazy all this derivative stuff is in the subprime fiasco.  Check this out: 
 
   
  "Judges in at least five states have stopped foreclosure proceedings because 
the banks that pool mortgages into securities and the companies that collect 
monthly payments haven't been able to prove they own the mortgages. The 
confusion is another headache for U.S. Treasury Secretary Henry Paulson as he 
revises rules for packaging mortgages into securities."
   
  The people who lent the money have no idea who they loaned it to.  I knew it 
was bad, but geez.  
   
  http://www.bloomberg.com/apps/news?pid=20601087&sid=aejJZdqodTCM&refer=home

       
---------------------------------
Looking for last minute shopping deals?  Find them fast with Yahoo! Search.

Other related posts: