These mortgages have to disappear. Pay them off, write them off or sit on them for a few more years. The banks are technically bankrupt. What would we do without a private banking system?
Maybe we'll find out?
Disputes May Affect 9 Million Foreclosures, Morgan Stanley Says - Bloomberg
Maybe we'll find out?
Disputes May Affect 9 Million Foreclosures, Morgan Stanley Says - Bloomberg
Disputes May Affect 9 Million Foreclosures, Morgan Stanley Says
By John Gittelsohn - Oct 12, 2010 10:40 AM PT
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As many as 9 million U.S. mortgages in the foreclosure pipeline or already through the process may face legal challenges because of questions about the validity of documents, according to Morgan Stanley.
About 2.5 million homes have been repossessed since 2005 and another 6.5 million mortgages are in foreclosure or may be soon, Morgan Stanley’s Oliver Chang, Vishwanath Tirupattur and James Egan wrote in a note today. The validity of documents used to verify ownership and payment obligations may be in question for each of those loans, Chang said.
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