The reason I spent the time to explain this, is that this could be one of the factors (along with currency wars and sovereign defaults) driving a massive financial crisis over the next year or so.
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Here it is"
Monday, October 18, 2010
THE MORTGAGE FIASCO IN SIMPLE TERMS
"Here's a quick and dirty synopsis of what is going on in the US mortgage industry from everything I've read. It's an early read of the situation, and it comes with the usual caveat "I am not a lawyer," but I think it explains why many, if not most, mortgages in the US are potentially worthless scraps of paper.
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