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-- remember the foreclosure robo signing scandal good times well here's chapter two investigators in mortgage bonds are now getting it as well investors in mortgage bond that is.
And the losses could be huge with more we've got Elizabeth MacDonald -- So it's the same group that called the whistle -- robo signing -- saying hey there are hundreds of instances where.
They're finding home loans the status of home loans are incorrect that the bank's record keeping is really bad when it comes to the mortgage bond investors who have invested in these -- so it's twofold in other words they -- the investors are wrongfully getting hit.
With late fees are legal fees it says that the home is still in for closure when it already went through foreclosure so authorities said and done it's a done deal so that investors are still getting hit.
Wrongfully with that thesis is occurring to the study and then the second part of that is there's so many delays in getting the foreclosure through you know that there XP they haven't even seen.
They -- billions of dollars in IPSec could hit them so that -- it's it's twofold and this is a big problem.
Because the bank record keeping is still an issue clearly according to -- number of studies not just this one that we're taking a look at.
And so it also will affect the other big mortgage settlements for example Bank of America had its way to investors say they have billion dollars.
Some of the securities could keep pop popping up there because of -- record keeping.
They're the losses could be even bigger they -- for 8000000008 to have billion PA IG another to say hey wait a second we deserve more money out of that Solomon and they've been complaining about that but they think it's a little black and that's -- bad bookkeeping but also lack of disclosure had to -- -- -- scenes all around import disclosure all -- that's right -- and so here's a deal here's the problem.
This one they won studies suggesting that this is a rampant problem throughout the country.
We asked the Federal Reserve the third service still going to get hopefully back to us that the kind of because the voters surface one point two trillion dollars in mortgage backed securities on its books and that's quadruple the level from last year and that they're say listen we -- Fannie Freddie guaranteed mortgage backed securities that's at the Central Bank is telling Fox Business but we don't know of any of the securities where it is bad record keeping.
Are at the same bonds you know sitting on the Fed's balance sheet will be getting back through on that one.
I had bookkeeping at the nation's banks who'd a thought hit into an -- right it was a little -- -- -- thank you.
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