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Strategies & Market Trends : John Pitera's Market Laboratory -- Ignore unavailable to you. Want to Upgrade?

To: TimF who wrote (12541)	9/24/2009 4:20:38 PM
From: Cogito Ergo Sum	Respond to of 33421

true but But in October 2007, an intrepid federal judge in Cleveland put a halt to the practice. U.S. District Court Judge Christopher Boyko ruled that Deutsche Bank had not filed the proper paperwork to establish its right to foreclose on fourteen homes it was suing to repossess as trustee. Judges in many other states then came out with similar rulings. globalresearch.ca

To: TimF who wrote (12541)	9/24/2009 6:26:02 PM
From: Hawkmoon	1 Recommendation Read Replies (1) \| Respond to of 33421

Not really. Its a Kansas Supreme Court decision, it wouldn't apply to all mortgages in the US, only those that are based on Kansas law Uh.. actually this is basic contract law. And if the creators of the securitized mortgage structures (CDO/CMO) didn't comply with Kansas state law, it's pretty likely they didn't comply with basic contract law in the other 49 states (plus territories). This is serious stuff and the fall out could be huge. I think it's going to require the government to buy out all of the CDO/CMOs, or at least the worst traunches currently in, or at risk of, foreclosing. It certainly throws the CDS markets into chaos.. The key is whether we see the Kansas decision applied to other states. I think that's inevitable. Hawk