[tomd2]

As if the bankster thieves have not messed up this country enough, now this:
“We predict that within a week, all banks will halt every foreclosure currently in process. Within a month, all foreclosures executed within the past 2-3 years will be retried, and millions of existing home sales will be put in jeopardy.”
http://www.zerohedge.com/article/its-really-jpm-tells-cnbc-it-systematically-reviewing-foreclosures

[Mariner]

Hilarious, nobody can prove who owns the property.

Worse, since the mortgages have been bundled into CDOs, they MAY have to unwind the CDO to prove ownership.

Financial catastrophe that nobody saw coming.

Many of these CDOs, while significantly diminished in value, still HAVE value in the bulk of the performing Mortgages. Others are far, far weaker than their face value.

However, if the OWNERS of the CDOs want to see their money (or portions of it) through foreclosure, they MAY have to sell their product to a bank or other institution who can unwind it. In fact, a single CDO issue could be 10,000 shares representing only 1,000 mortgages. Assume, worst case, 200 of those are bad.

Sheesh, how do you even DO this?!?!?!?

The original laws about deed and property in every single state never even considered such a farce.

I think the CDO owners are SOL.

Pension plans, States and Municipalities, Hedge Funds, Investment Banks etc.

And now, TITLE INSURANCE COMPANIES who certified clear title on 1/2 the homes sold in the last 3 years.

And, this doesn't even take into account the DERIVATIVES holdings and bets that have been placed.

Unforeseen catastrophe.