Rescission Returns in 3rd Circuit Opinion

This is a point that needs to be driven home to each and every judge until he yells “Uncle!”: “The answer is that Wall Street Banks wanted to use those loans as “assets” they could trade, insure, hedge and even sell contrary to the prospectus and PSA shown to pension Funds and other investors who advanced funds to investment banks as “payment” for mortgage bonds underwritten by those banks.”

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