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Monday, May 23, 2011

'Bankruptcy lawyer teaches how to deal with mortgage meltdown'

from charlotte observer....

"When allegations of "robo-signing" by mortgage servicers emerged last fall, Shelby consumer bankruptcy lawyer O. Max Gardner III wasn't surprised.

Since the early 2000s, he had been worried about the deteriorating quality of mortgage loans, many with payments set to recast at unaffordable amounts in future years. And in a 2004 bankruptcy case, he had obtained a mortgage processor newsletter that detailed the outsourced assembly line that was being used to rapidly produce and notarize lending documents.

Gardner's concerns led him to give seminars around the country to other lawyers about problems with the securitization process - the packaging of mortgages, car loans and other assets into securities for investors. In 2006, he shifted to holding "boot camps" for lawyers at his scenic farm in the South Mountains, about 60 miles northwest of Charlotte"..............LINK

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