“But they made a fatal mistake when they tried to seize the home of Lynn Szymoniak, a lawyer who specializes in forgeries.”
During the housing bubble, rich Wall Street hustlers got richer by assembling thousands of shaky subprime mortgages and “bundling” them into securities. Rating agencies bestowed first-class status on these dubious “derivative” investments, which were sold all over the world.
The collapse of the housing market and the derivatives caused the Great Recession, which left 15 million Americans out of work. Multitudes of jobless families lost their homes when they couldn’t make mortgage payments.Amid the orgy of home foreclosures, banks made an embarrassing discovery: Bundlers who packaged the derivatives often failed to prepare records switching the mortgages into the worthless bundles.
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