I hope every American (yanqui to my Latin friends) here is at least a little aware of the latest news regarding U.S. mortgages. It turns out that many of the mortgages issued in the bubble years (probably 2004-2007/2008) weren't handled properly by the various issuing parties. This means that many of the foreclosures in the past few years were illegal! The documents needed to foreclose didn't exist, so the banks paid sleazy firms to create them out of thin air! The full implications of these issues are far from being known, but we are likely on the cusp of another very serious mess. The link below is to an interview with Janet Tavakoli, an expert an structured finance, who posits this is the "biggest fraud in the history of the capital markets". This could mean that mortgage-backed securities are worth even less than currently imagined, that the banks are even more rotten than many cynics imagined, and that the financial crisis is even farther from over than imagined. I know this dick site is a random place to get worked up about this, but I been in a few fights and I know gay dudes are pretty good about having your back (all you'll get from me! ha!). I certainly don't have the whole picture, but this really has been underreported and many, many more people need to know about this. Ezra Klein - 'This is the biggest fraud in the history of the capital markets'