This could be an even bigger mess than you have heard!!
This following is speculation based upon personal experience and some investigation. Please note that before you slam me. I am hoping someone can speak to this with data. I am writing purely from personal experience.
This fiasco, could be a bigger mess than anyone is discussing. Certainly the default rate will likely be higher than estimates, but the real super secret of this mortgage mess haven't been discussed much and it could leave the US of A and you and me holding a whole lot of smelly worthless loans in numbers greater than we thought.
Here are the short reasons why:
* Many of the mortgages may be illegal and may be thrown out
* Many may not have changed hands properly
* Many do not have the original paper and can be challenged
Dirty deatils below the fold.
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