Foreclosures Forever?

Carney points out that the courts and judges are going to be a lot more skeptical as they review foreclosure actions and that the attorneys representing homeowners are likely to be far more aggressive in contesting foreclosures. The outcome might still be that the banks get their security back but it might take a lot longer to get to that result. He also suggests that there might well be another development that we didn’t expect.

Borrowers are also emboldened. For as long as anyone can remember, borrowers who had stopped paying their mortgages rarely contested foreclosures. They may have been broken hearted to lose their homes, but they generally went along with the process that took their home away.

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