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Non-Tech : Banks--- Betting on the recovery -- Ignore unavailable to you. Want to Upgrade?

To: tejek who wrote (1188)	10/14/2010 2:10:53 AM
From: Hawkmoon	Read Replies (1) \| Respond to of 1428

I'm starting to wonder if some of the regional banks might be a good play given that the majority of them maintained their mortgage portfolios on their books and did not use MERS or securitization. I know they will feel some pain, but JPM, BAC and WFC are all on the hook to the people who bought their corrupt, fraudulently originated mortgages and the regionals are not. And if the foreclosure home markets are going to be offline due to MERS controversy and inability to obtain title insurance (a problem the regionals should not face when foreclosing), the mortgage notes in their portfolios should actually become sounder since their houses will be the only available for sale. One thing is clear.. for those banks that sold off their mortgage notes via MERS and REMICs, they're in a world of legal and political hurt. Hawk