Last month, most of the banks and lenders ended their temporary hold on foreclosures. This month, default notices - the first step towards foreclosure - have dramatically picked up.
Unfortunately, it appears that the temporary relief from foreclosures is about to end, and this Spring/Summer we'll start to see a resumption of those toxic bank assets making their way through the system.
Speaking of which, don't hang your hopes on those bank profit announcements for the past quarter; at some point in the future, we'll end up learning about the accounting tricks that were played by these banks, and we'll be right back where we started when we first began talking about the mark to market rules and how we should judge the value of these mortgage-based assets.
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