Holy sh**!

This is like a twilight zone situation.

I had no idea. I knew things stunk in the U.S. mortgage backed securities area, but I had no idea that the banks and state legislaters could be so incompetent.

I had to go through so much crap to get a mortgage up in Canada, that this is out of the realm of credibility. I know exactly how much I owe, and who I owe it to. I can even login anytime online to check it out. If I ever screw up and they have the right to foreclose, they probably will. That's all laid out in a standard mortgage contract that I hired an independent lawyer to go through for me. If they ever lost their copy of the contract, I'd be laughing. But they won't.

So we know many of the homeowners are lying /and or don't deserve the homes (they admit they couldn't meet the payments)but are taking advantage of a situation. We already knew the banks were cheats and thieves, and deserved to lose out for making the liar loans to begin with.

We have millions of homes that we may not know the owner of, and that will be settled in the courts, likely over a period of years

And to top it all off, aren't these the same toxic assets the government has been buying up under tarp? Have they been checking the legitimacy of the mortgages they have been buying?Does this mean the U.S. Government is sitting on top of billions of dollars of nothing? I mean, I always suspected it wasn't worht much, but almost nothing?