There has been a few articles on Yahoo and FT......
but clearly most commentators can"t get their heads round this.
If the banks foreclose they keep the houses on their books at full price waiting to sell, but of course no one is buying so clearly they should write them down.
But they can "t because they'd be bust.
Then they won't; lend funds to likely purchasers..so there's no market.
Fannie and Freddie ( they Govt buyers of securitized mortgages) are being bailed out by 100's of billions.....
its off balance sheet QE thatr no one notices.
I"m sure Gotterdamerung is just around the corner
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