Via the Dilbert blog:
From Economic Policy Journal:
Why the Mortgage Document Crisis is a Very Major Problem (Or why you might be able to stop making your mortgage payments)
Banks are supposed to be neurotics about money. They are supposed to be neurotic about crossing t's and dotting i's. During the Greenspan/Bernanke money printing orgy, the banks basically went naked and were no longer conservative or neurotic. This means the banks on a whole chunk of mortgages may not have the right to foreclose. I smell a "screw the banks" movement right around the corner. People by the millions are going to stop making their mortgage payments and banks won't be able to do a damn thing about it. Gonzalo Lira explains:
..the banks are screwed—again. By the same fucking thing as the last time—the fucking Mortgage Backed Securities!...