That is true but one little discussed angle on the mrtgage/credit debacle as I understand it - there can’t be the en masse renegotiation of terms because of the very nature of the asset backed mortgage securities themselves as they have been sliced and diced and bundled into huge tranches depending on location and risk and the rebundled, cubed, and then hedged a d re-hedged with derivatives. I’m not really sure how that works bit it makes the whole arrangements booby-Trapped.
Foreclosures will continue until credit improves...