Wednesday, October 27, 2010

Overheard at the Retirement Fund

"The mortgage-backed bonds in our pension,
A source of regret and contention,
May yet be unwound
If they're legally found
To have flouted the 'true sale' convention."

Hopes are awakening in the hearts of institutional investors that sloppy and even fraudulent practices in the origination and sale of mortgages to bond trusts may give investors legal grounds to put them back to the originating banks and thereby recoup some losses.

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