There may be some respite for Foreclosure victims. Some attorneys have filed class action law suits against certain Mortgage Originators. Recall from Bondads diary today, how Mortgage Lenders do not hold the paper on the loans they write. Instead that paper is passed on, sold and parcelled out to investors. This frees up the banks balance sheet to make new loans, and the bubble keep getting bigger. In the process corners were cut, and now the investors holding the toxic are trying to trace it back to the problem, and assign responsibility.
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