[Terry Mross]

In Houston back in the 80’s several mortgage brokers went to prison for selling the same mortgages to different investors. People would make their payment then get calls from other servicers wanting the payment.

I do have to wonder if a lot of these banks haven’t been paid more than once. I have a feeling the fraud runs very deep.

Finally, let’s say you owed a small, private bank that went under. Who owns the house?

[Kartographer]

The whole thing sounds to me to have been a pyramid scheme with the bankers selling new securities to pay for the old ones and the real estate bust just cause the pyramid to collapse sooner than later.