Prove it! – Part II

Who’d a thunk it, eh!

Following on from my earlier post on the subject of the USA banks and securities houses not having all there paperwork in order with respect to their mortgage backed notes, it seems from this post that the problem is more than an occasional one.

If, as is posited here that, 1/3 of MBS’s are incomplete then any repossessions are going to take much longer and cost much more than ever before. It’s not exactly going to encourage investment in either new or existing MBS’s, is it?

And the bankers still think they deserve their bonuses…..?