
Episode 244 • • 18:42 - 25:28
244: Form 990
Mortgage Foreclosure Crisis, Derivative Trading Systems, Lotus Notes
The ongoing foreclosure crisis is described as an unraveling of the unregulated derivatives market. Personal experience building a trading system for Bankers Trust in 1995 reveals that many complex financial agreements were documented poorly using faxes, Excel spreadsheets, and Lotus Notes databases. This lack of a paper trail makes determining true ownership of mortgage deeds nearly impossible for courts.
