SocketSite™

Anybody think the uncertainty around this is related to the recent mortgage rate climb?

quote from linked article:

"The volume of mortgage loan applications fell 10.5% on a seasonally adjusted basis in the week ending Oct. 15, the Mortgage Bankers Association said Wednesday. Refinancing applications fell 11.2% from the previous week, the sixth time in the past seven weeks that refi applications decreased. New-home purchase loan applications decreased by 6.7% from the prior week and were 29.4% lower than in the year-earlier week. "

It's going to take actions and potential lawsuits like this to really get to the heart of whether the securitizations were done properly (I believe #3 of ex SF-er's list).

Interesting exploration of the NY Fed/Pimco suit here:

http://www.nakedcapitalism.com/2010/10/more-on-why-the-pimco-blackrock-freddie-ny-fed-letter-to-countrywide-on-putbacks-is-way-overhyped.html

Yves Smith thinks the suit does not have much of a chance and explains why. The comments are also worth reading--many of the commenters appear knowledgeable, though one cannot know if they are knowledgeable *and* correct.

Whistling past the felony graveyard.