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Art Cashin On Fraudclosure Reminds Everyone That "Things Could Turn Very Ugly"

By Implode-Explode Heavy Industries

``He asserted that they had only ?announced? foreclosures would resume and, in fact, were still in stand-by mode. He claimed that the announcement of suspensions had prompted many mortgage payers to consider defaulting since there would be no punishment. The guest said that, sensing that suspending foreclosures could lead to a tsunami of new defaults among ?current? mortgagors, they simply announced resumption as a warning. He claimed that foreclosures were not resuming because the records remain murky and would promote challenges and, perhaps, legal penalties.''

Full post as published by Mortgage Lender Implode-o-Meter on November 09, 2010 (boomark / email).