Timeline Regarding Foreclosure Situation (Not a Bakken Story)

This is not a Bakken story. Don't worry. It will soon disappear and be lost among all the other postings. 

March 26, 2010: Obama administration modifies Making Home Affordable program to assist those facing foreclosures. I could be wrong, but it was my impression the Obama administration felt that banks were being too aggressive with regard to foreclosures.

October 7, 2010: Obama will not sign bill that he feels could make foreclosures easier; this seems to suggest that my understanding of the Obama administration stance on foreclosures was correct.

October 8, 2010: Bank of American announces that it has halted all foreclosure action. They made the announcement unilaterally and without warning. Some would have expected the administration to support this action, to make sure foreclosures were fair and legal.

October 10, 2010: Headline: Obama administration doubts need to halt all foreclosures.

October 11, 2010: Attorneys General in 40 states will investigate banks on foreclosure processes. More banks halt foreclosures. 

It's my understanding that about the only houses selling in some markets (California and Nevada, for example) are foreclosed homes. The real estate industry has to be reeling due to the housing market. I assume the real estate lobby contacted the administration when Bank of America took this unilateral action to halt all foreclosures.


Two comments:

1) I'm trying to sort out the difference between a moratorium on foreclosures for the real estate industry and a moratorium on off-shore drilling for the oil industry.

2) Just when there was a glimmer of hope that the housing industry was about to turn around, all bets are now off. Anyone who got a "great deal" on a foreclosed home may learn that the deal was "too good," and are worried that they will lose their home. Would you buy a foreclosed home under this new cloud?

Follow-Up:

October 11, 2010: is there a tectonic shift in the way baby-boomers and Gen X's think about mortgages?