Quote:
Originally Posted by nmap
I'm under the impression that this is a very big surprise to all concerned.
Homeowners who have failed to pay their mortgages can't be foreclosed on in Kansas - and other states may follow Kansas' lead.
Those who own mortgage backed securities - pension funds, for example - may find those securities are nearly worthless.
The entities who sold the securities to others - like the pension funds - may face civil litigation for fraud.
Future mortgage backed securities may not be something anyone wants to buy - which could lead to more expensive mortgages in future.
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So how can one tell if their falls into this category?