[lit-ideas] Talk about amazing...
- From: Andy <min.erva@xxxxxxxxx>
- To: lit-ideas@xxxxxxxxxxxxx
- Date: Sat, 23 Feb 2008 11:04:21 -0800 (PST)
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
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