1. The borrowers must be verified by the banks and their agents as qualified.
2. Lenders must fill out paperwork accurately and make sure that when the home's title changes hands, so does the documentation.
But in the past two decades, a whole lot of the time, that never happened.
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Karl Denninger Explains Foreclosure-Gate On The Dylan Ratigan Show
10-07-2010 • ZeroHedge.com
"What if we find that of these $6 trillion in securities that are out there, outstanding right now, half or more of them are defective. You put them back on the banks and they all blow up.
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