M^3 — Mortgage Meltdown Minutia
Permalink |Best summary of the madness…
bq.. The contract theory underlying this–that A in contract with B can enforce terms against D who was in contract with C who was in contract with B–startles me as well.
p.. Read more from “here”:1.
[1(Calculated Risk -- Recommendations for Fixing Mortgage Securitization)]http://calculatedrisk.blogspot.com/2008/02/recommendations-for-fixing-mortgage.html