william the wie
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- Nov 18, 2009
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The story is still breaking but incompetence in the transfer and storage of documents during reorganizations and takeovers was and maybe still is rampant in the mortgage industry. I am not a judge nor am I on a jury but I will say that the scale of incompetence in this industry will lead to numerous awards based on fraud. Due diligence was sacrificed to speed of execution decades ago. As to Obama he is toast on many fronts for a long list of dubious decisions.what is the total exposure of GMAC/Ally in terms of mortgage bundles(?) or other debt securities? And who securitized them?
I bet it wasn't GMAC.
But if this is real it will reflect incredibly poorly on team Obama's restructuring of GM.