NEW YORK CITY-The recent interruption of foreclosures could induce further losses for mortgage investors in the $2.8-trillion market for mortgage-backed securities. Three loan-servicing companies have stopped evictions and foreclosure sales in the last two weeks in 23 states.
As it is unclear whether the delay may have a deep impact on the mortgage market, the changes are producing unforseen outcomes. While senior debt holders wish for faster foreclosures, junior bondholders are happy to stretch out the proceedings. For the full story, go to Wall Street Journal.
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