The feeding frenzy continues....
Assured said more than 83 percent of 1,306 defaulted loans examined in one of the transactions, ACEs Home Equity Loan Trust, Series 2007-SL2, breached Deutsche Banks representations and warranties. In the second deal, Home Equity Loan Trust, Series 2007-SL3, 86 percent of the 1,774 loans breached the agreements, Assured said.
Yeah.
This wasn't intentional folks. The banks didn't know.
Oh wait - Citi's chief underwriter testified that they did know?
Uh, yeah.
The big fat flush is coming on this one folks. The landsharks will make sure of it.
You can take that to "the bank."
Source: http://market-ticker.org/akcs-www?singlepost=2231944
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