Monday, November 07, 2011

"I don't think the banks cared at all about borrowers."

[Grin]  That's from a Calculated Risk post on lawsuits over MERS (the computerized system for recording mortgages].

What the writer is saying is in setting up MERS the banks weren't trying to defraud home buyers, they were trying to save recording fees (i.e., defraud local government you might say) and enable the fancy derivatives and mortgage backed securities which led to the bubble.

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