The mortgage mess isn’t in the headlines, but it still with us. The big banks are still trying to sort out the paperwork, and now they leverage the holiday season to extend the foreclosure freeze.
So, now it’s a seasonal thing. But if the foreclosure freeze lasts beyond mid-January, after the holidays are over, the notion that home owners can stop paying without getting evicted, this will be big trouble for US banks and will rock currencies as well.
Here’s a report from CNN.