They Fucked The Whole Thing Up

Really quite amazing.

It is not yet clear what the consequences would be if large quantities of mortgage-backed securities turn out to be defective - or how the trouble could be solved.

"If the basic principles of property law have been violated here . . . it may be extremely difficult to fix," said a source involved in government oversight of financial institutions, who spoke on condition of anonymity because of the uncertainties involved. "There is a chain of questions that no one seems to know the answer to."