Prof says banks undermined traditional property system

" The nation’s traditional property ownership registration system has been undermined by banks in their rush to process mortgages during the great real estate bubble, with consequences that now include a legal quagmire and huge financial liabilities for some of the nation’s biggest financial institutions.

The fallout could rumble through the U.S. homeownership system for years, Christopher Peterson, a University of Utah law professor and recognized legal expert on the nation’s mortgage crisis, said at a forum Monday on the legal issues surrounding the surge in foreclosures."