Free enterprise, regulation and COMMON SENSE are not mutually exclusive properties.
READ IT.
Worst of all, the bailouts of these institutions who dealt in these mortgages as tools for the real commerce in the bonds they represented en masse has clearly ACHIEVED NOTHING. These criminal RETARDS are now protected by Dodd-Frank.
This is way past unbelievable. This is THIRD WORLD STUFF.
Greed. Incompetence. Crime. Criminal winking at crime by banks, regulators, law firms, and the individuals who caved in to this.
To be more specific, a mortgage has two basic components. One is the deed of trust attached to the property itself, and the other, called a note, is the homeowner's IOU. Gardner's lawyers have yet to find a single note that correctly documents the path the IOU has taken to arrive atthe bank trying to foreclose. The notes were the things getting robo-signed during the housing bubble, not by foreclosure mills but by mortgage mills. And the signing was even more robotic because it could be done electronically through a system called Mortgage Electronic Registration Systems (MERS). When a note was sold into the system, "ownership" of the note could be traded via computer. Unfortunately for MERS, the law requires the physical note to prove ownership, so none of these trades were exactly what one might call legal, or even what one might call real
Read more: http://dailycaller.com/2010/10/14/thedc-op-ed-one-nation-under-fraud/print/#ixzz12LP4Hubb
READ IT.STOP WHAT YOU ARE DOING AND READ IT.
The mortgages appear to be not legally bought and sold, in order to easily gather them together in bonds for further sale, whose ratings were manipulated by these same banks and investment houses, the insurance on which would then break the entire financial system requiring the bailouts to save the men and women who engaged in these very crimes to create the market that broke the system.