Recording Of Compass Point Mortgage Repurchase Call Available

We had a great turnout for the Compass Point call today on mortgage repurchase liability and I thought the questions and remarks of the various participants were interesting and informative.  For those of you who missed the call, you can access a recording by downloading the .wav file at and use reference #2528811.  You can also dial 888.284.7564 and use reference #252811 to hear a replay of the call.

Thanks to Jason Stewart, Mike Turner and Chris Gamaitoni for putting this call together, having me on as the featured guest, and raising awareness about this important issue.  As more investors and media outlets become aware of the significant outstanding mortgage repurchase liability facing many of the largest banks, we can expect to see more of the owners of mortgage backed securities coming forward to enforce their rights and banks beginning to acknowledge this potential liability in their loss reserves.  All this points to an increase in mortgage buy back litigation on the horizon, and an eventual transfer of wealth from the banks that originated and securitized massive numbers of defective loans to the pension funds, mutual funds, and other ordinary investors who bought an interest in those loans in reliance on the banks’ representations regarding underwriting quality.

Keep an eye out for an article later this week on how many of the banks’ former friends in Washington have finally woken up to this issue, and changed their tunes, accordingly…

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