What can we expect from new DOJ/SEC/state AG task force on MBS?
I follow mortgage-backed securities litigation closely enough to be disgusted at the greed that fueled the securitization of insufficiently underwritten mortgages issued to homeowners who had no hope of paying them off. Sure, MBS investors and the bond insurers that backed MBS trusts were sophisticated and, to some extent, forewarned about the timebombs lurking in those mortgage pools. But you can't read the voluminous MBS filings by monolines and investors -- including the federal agency that oversees Fannie Mae and Freddie Mac -- without wishing that someone be held accountable for sending the housing market on a slide, and dragging down the rest of the economy with it.
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