Chris Whalen here shows the regrettable continuity between the problems of today and the 1930s with respect to the legal issues in judicial foreclosure and concludes with the following:
One thing you can depend upon is that there will be no fixing of what is wrong with the US real estate sector until Congress addresses once and for all the issue of delivery of a note as collateral for a mortgage backed security. Unless, and until, we fix the private mortgage securitization market, the housing sector will not stabilize and the chance of further deflation will remain a threat to economic recovery.
