click here experts in finance and the economy are likening the current mortgage foreclosure crisis and it’s many ramifications to a house of cards, They are saying that the country’s economy is approaching the point where it won’t take more than a stiff breeze to blow the house down. And that adds up to a full-blown recession.
There is evidence that suggests these worries are more than justified. Case in point, the recent federal judge’s decision to dismiss fourteen foreclosure actions by the Deutsche Bank which was seeking to collect on securitized subprime mortgages that it had acquired. The judge decided that since there was no ‘proof of ownership’ on the loans in question since they were gained by the bank after defaults had already taken place. Since the proof required by the court was not on hand, he dismissed the actions and gave the bank thirty days to come up with credible legal documentation that showed ownership.
