I think the big problem in foreclosure-gate won't homeowners that are losing their homes, since they didn't pay their mortgage in the first place It will be the investors that purchase the mortgages from the banks. And over time procedures will be implemented to prevent this in the future.
But despite all the negative buzz surrounding the issue, foreclosure proceedings seem to be largely on track. The threat that long-term delays in foreclosure proceedings could also delay any improvement in the housing market seems minimal.
Although there could be effects in data over the next couple of weeks, Sharga says "we may not see much of a fall-off at all." RealtyTrac expects a modest decline in activity, followed by some accelerated rates of foreclosure in the first quarter of 2011.Read it all