This is a very necessary stage in the process of correction and adjustment to the scam, some would say fraud, perpetrated by the big banks on the American and World scene. It is something that will slow down the housing market and could take years! Nobody checked to establish that the securities being sold almost everywhere were genuine secure paper. We all know they were the product of greed and loose regulation. Nevertheless, it was the banks that sold the paper and that knew the paper was insecure. Why did they do it? They could do it and they thought they would get away with it.
http://www.nytimes.com/2011/09/03/business/bank-suits-over-mortgages-are-filed.html?_r=2&partner=rss&emc=rss
Twitter: @wuhlax
