If you haven’t yet had a chance to read this article by John Gittelsohn in the Orange County Register about a real estate sale that was financed by Wells Fargo in January of this year, please do so now. And if you were, like most people, working on the assumption that lenders and other industry participants had at least cleaned up their acts in time for the 2008 mortgage vintage to be worth something, think again. Continue reading here.
Tanta makes some excellent points that mortgage fraud within the 2008 Vintage of Residential Mortgage Backed Securities will continue to be way too high.
Your thoughts?