Developments in the Mortgage, Mortgage Backed Securities and Foreclosure Crises

Here's a round up of breaking stories today:

• The federal regulator overseeing Fannie Mae and Freddie Mac hired a law firm specializing in litigation as the agency considers how to move forward with efforts to recoup billions of dollars on soured mortgage-backed securities purchased from banks and Wall Street firms

• Bank of America Corp. and its Countrywide Home Loans unit were accused of racketeering in a lawsuit filed by two Indiana residents claiming that perjured affidavits were used to foreclose on their home.
  

• Judge In New York, Dismisses WACHOVIA BANK Foreclosure Attempt with Prejudice. No Right to Foreclose - No Note or Debt - Lacks Standing to Foreclose
  

• New York Courts To Require Plaintiff Counsel To Verify Accuracy Of Foreclosure Docs

• Maryland Court of appeals adopts new foreclosure rule

• Chicago Sheriff stops foreclosures until banks get their paperwork in order

• Fla 4th DCA: Original Note Must Be Sequestered with Court

• Largest US Title Insurer To Demand Indemnity And Foreclosure Warranty From Banks
  

• FBI is in the initial stages of trying to determine whether the financial industry may have broken criminal laws in the mortgage foreclosure crisis

• Foreclosure-Gate Related Disruptions at American Bankers Association Annual Meeting

• Banks unlikely to quell foreclosure-document mess

• Simon Johnson: Foreclosure crisis presents systemic risk to the system