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November 15, 2007


Rob Dawg

Reading between the lines the judge was "this close" to dismissal WITH prejudice.

This is a job for.... Forensic Accountant! I smell a TV series.


I'm 100% bearish, but I don't think this is as bad (for CDO owners) as it may seem

There's an excellent analysis at CR



As someone experienced in the hassles of getting mortgage assignments years after the fact, at least 25% of the original assignments will not be found. They will have to be recreated and certified. This will take some time (I know it took my banks some time). Then there is the ultimate conflicts that will arise when someone says x and someone else down the line says y about a document that no one could find.

I have been through this personally, and more than once. Like CR said, it doesn't mean the end of the world, but it definitely does mean a real adminsitrative headache, which means additional expenses, which reduces the desirability of a securitized vehicle that cannnot afford an additional desirability hits.

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