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  • Mortgage-Backed Securities Without Mortgages?

    11/17/2010 11:28:01 AM PST · by Kartographer · 28 replies · 2+ views
    Market-Ticker ^ | 11/16/10 | Karl Denninger
    Remember, the allegations made by various legal folks in the practice (and apparently validated by the case law thus far) is that not one note has been able to be produced that contains all of the required conveyances and endorsements. What's going to happen when (or if) these folks gain access to the files and find that they're missing - that is, that the custodian doesn't have them? Well now that would be interesting, no? "Mortgage-backed securities" that in fact have no mortgages in them? Why that would be a wee problem, no?