20 May '12, 8pm

#peakoil How the fracking mess is about to make the mortgage mess worse: One fact ought to tell you all you need...

Now, here’s how the fracking mess intersects with the ongoing mortgage mess. Most mortgages are sold into the secondary market to federal lenders such as Fannie Mae and Freddie Mac, and some are packaged in groups as mortgaged-back securities and sold to investors. The mortgage lenders make representations to buyers in the secondary market that the mortgages they are selling conform to widely accepted standards that prohibit the kinds of activities listed above. In Radow’s opinion it is likely that many residential mortgages with natural gas leases on the underlying properties have already made there way onto the books of Fannie Mae and Freddie Mac or into investor portfolios. And, with shale gas found across many states, there are likely to be many more compromised mortgages sold into the secondary market in the future.

Full article: http://peakoil.com/business/how-the-fracking-mess-is-abou...

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