Quite a number of people have gone seriously astray thinking "ForeclosureGate" is the big issue. It's not, at least for those being foreclosed on. They are headed for foreclosure anyway.
Yet Emails and articles regarding "Show Me The Note" and what "ForeclosureGate" means have gone viral. I am not surprised at some of those propagating misinformation, but after seeing John Mauldin do it I have to say enough is enough.
Please consider The Subprime Debacle: Act 2 by John Mauldin.
OK, in a serendipitous moment, Maine fishing buddy David Kotok sent me this email on the mortgage foreclosure crisis just as I was getting ready to write much the same thing. It is about the best thing I have read on the topic. Saves me some time and you get a better explanation. From Kotok: ....
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