Pretty good story about mortgages and foreclosures here.
One critical element which is buried near the bottom:
The foreclosure action has not been completed because repossessing and selling the property "would have not provided enough money to repay any of the outstanding loans and would have only deepened losses," according to a statement from Citigroup Inc., which had serviced Lass' loan.
A lot of banks are not 'taking the losses' by simply refusing to complete the paperwork.
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