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One Mess That Can't Be Papered Over
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Last week investors in mortgage securities, including the Federal Reserve Bank of New York, sent a letter to the Bank of America, demanding that it buy back billions of dollars of mortgages that were bundled into securities and sold by Countrywide. (Bank of America took over Countrywide in 2008). Investors contention is that the documentation supporting the loan is faulty, and that Bank of America did not correct the deficiencies in the loan files and lien records when these deficiencies were found. Investors can try to force a bank to buy back its securities, if the strict rules governing the issue of such securities were not followed. As the market for mortgage securities is about $1.4 trillion dollars, even if a small fraction of the securities is affected, it would pose serious problems for the banks. This is a problem that can't be papered over.
The faulty foreclosure paperwork crisis that is hitting U.S. banks.
10/14/2010
Grouped Articles
Fannieâs and Freddieâs Foreclosure Oversight Questioned
New York Times 10/19/2010
Foreclosure Crisis Slams Into Banks
Wall Street Journal 10/15/2010
Out of Maine, a National Foreclosure Freeze
New York Times 10/14/2010
Florida Foreclosure Lawyers Are Scrutinized Over Procedures
New York Times 10/15/2010
New York Times 10/14/2010
New York Times 10/14/2010
Banks forced to buyback loans because of faulty documentation.
10/14/2010
Grouped Articles
One Mess That Can't Be Papered Over
New York Times 10/23/2010
Foreclosures: A Paperwork Fiasco - The Basics
New York Times 10/23/2010
Bank of Americaâs Foreclosure Mess Wonât Disappear Quickly
New York Times 10/22/2010
Wall Street Journal 10/26/2010
New York Times 10/26/2010
Commentary: Mortgages Lost in the Cloud
BusinessWeek 10/14/2010
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