Randomness (r_ness) wrote,

One thing to watch in this foreclosure scandal...

...is how the share prices of the major lenders (like Bank of America [BAC] and J.P. Morgan Chase [JPM]) behave. (You can't look at Ally Financial because it's privately held by a consortium with a majority of its shares held by the Treasury; i.e., it's a government-controlled bank.)

Right now they're holding up reasonably well--neither has fallen off a cliff--which means that either that market participants believe the foreclosure documentation scandal is just a temporary glitch (as the banks claim), or that the fix is in, and the banks won't be held to account this time either (as a lot of observers think).

In the meantime, if you have bought a foreclosed property, or if you are in foreclosure or likely to be, I strongly recommend you find yourself a sharp real estate lawyer.
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