This is the real problem with foreclosure, since it might affect the way and cost on how mortgages are sold and packaged.
Nearly 200 investors are expected to attend a meeting in New York on Wednesday called "Robosigners and Other Servicing Failures," said David Grais, a New York securities lawyer who is sponsoring the conference and represents two Federal Home Loan Banks that have filed lawsuits over mortgage-backed securities they own.
Meanwhile, Talcott Franklin, a securitization lawyer in Dallas who has been organizing bond investors to pursue their claims against mortgage-loan servicers and sellers, says he has "been picking up two to three [investors] a day" as the foreclosure mess deepened in the past two weeks
And
Potential losses to banks from the repurchase of troubled loans could reach $55 billion to $120 billion, according to bond analysts at J.P. Morgan Chase & Co.
Read it allSome investors in mortgage-backed securities say the 50-state investigation is giving a push to efforts among investors to join forces. "The possibility of a ... settlement imposing additional losses for the negligent conduct of servicers upon our retirees has galvanized investors to organize and fulfill our fiduciary responsibilities," Mr. Lieberman said.
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