Remember how when things got really crazy worldwide a few years ago the idea of "Derivitives" became a worldwide investment problem and still are the biggest problem with Fannie Mae and Freddie Mac?
Well, one of the stumbling blocks still being worked out is little pieces of pieces of real estate all over being bundled into who knows what and sold to who knows who. This has literally hit the fan in the U.S. and has clouded in many cases who or literally how many whos own a given piece of property. So, often banks (if they think that they might actually own over 50% of a piece of property) will tend to foreclose conveniently forgetting about the thousand or more people that actually might own the other 50% of the property. So who actually might own the other 50%(who knows?) because often this was not properly documented so in the end who actually knows who owns the other parts.
However, since this will in the end be the biggest expense (likely 250 Billion dollars or more) for the American Taxpayer to cover the losses of Fannie Mae and Freddie Mac, this problem has the potential of getting much much nastier than it already has nationwide and worldwide as investors and tax payers get more and more pissed off at unnecessary losses and errors worldwide regarding packaged derivatives not fairly dealt with nationally and internationally.
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