collapse of major us banks coming

Major U.S. bank stocks have been in a free fall over the last week and this will affect trading on ASX and other markets. The major issue behind the falls in NYSE listed BAC, C, WFC, JPM and GE and LPS and others relates to a major breakdown in how the banks handled mortgage securitization and utilized MERS to avoid county registration of mortgage assignments that saved the banks billions in county registration fees.

The TV Program 60 Minutes did an excellent expose on this issue recently when they highlighted the fact that up to one million mortgage chains on title were "re-created" using fictional characters such as Linda Green

I have kept this explanation very simple, and it may be difficult for many folks to comprehend. In simple language this may be the biggest financial scandal in U.S. history with the current administration, and a small group of major Wall Street Banks and investment houses at the center of a major storm. This issue will have a profound effect on trading on the NYSE and U.S. stocks and other markets over the coming months. Most investors in Australia probably do not even know that this issue exists.