Mortgage Crisis Is 'Cancer,' 'Slow Wasting Process,' Analyst Says

Mortgage Crisis Is 'Cancer,' 'Slow Wasting Process,' Analyst Says: 'Barack Obama is walking in Herbert Hoover's shoes. They're making the same mistakes, almost unconsciously.'

He discussed his own mortgage as emblematic. It was originated, he said, by Bank of New York and then sold to Lehman Brothers, who eventually packaged it in a security. But there's no court record of that.

'There's an awful lot of investors out there who don't know what they own,' Whalen said. 'This is a much broader issue than just contract law.'