"I'm the only thing standing between you and the pitchforks." President Obama, April 2009
Speaking of heads on pitchforks. Thanks.
It was the derivatives desks that sat along side the RE and loan desks. Leveraged a mortgage 20 maybe 30 times or more when it was all said and done.
It’s no secret that banks are losing foreclosure cases in Courts when asked to produce the title deed. Sliced and diced 20 times, there is no document showing the deed holder any longer. Banks who sold derivatives of their mortgages are left with just servicing the loans and have no standing in a court trying to foreclose.
Could account for the backlog of foreclosures and ex-note payers hanging out for years in bank owned home. Beside the GSEs beginning to kick back bailed out mortgages to originating banks due to lack of proper paperwork.
No wonder entities want the GSEs shut down before banks go belly up.