Bags of Air, the Return 0
What happens when someone turns over the shells in the old shell game and finds that the pea is missing?
We may be about to find out where that pea went, or whether it was ever there.
The investors asked Bank of New York to demand the repurchase of loans that were originated “in violation of underwriting guidelines,” according to a statement Monday by Kathy Patrick of law firm Gibbs & Bruns, which is representing the group.
The seller of any “ineligible or predatory” mortgages should also pay the cost of modifying them for homeowners, or buy those loans back from the pools of collateral backing the securities, she added.
This should get interesting.
