Last week, we said we expected the foreclosure crisis to spread from a few banks to far more and from court-processing states to all the others. Thus it is. And, now, it has gotten worse for Fannie, Freddie and the servicers they know but don’t love anywhere near as much. In this report, we assess “Foreclosuregate” at mid-week in light of recent developments. That the best news is that there isn’t – yet – a national foreclosure moratorium speaks to the depth of this crisis.
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