[RobRoy]

Is this our Black Swan?

I think this may be prove to be the biggest fraud in human history. If so, it will not merely go away harmlessly.

Now that I think about it, this can NOT be a Black Swan. A black swan is unanticipated. This was brewing a couple years ago when a few foreclosures were thrown out because of missing paperwork. Even then there were lots of folks speculating that those were the equivalent of barely scratching the surface and this could be the fraud of the millennium.

[McGavin999]

It's not really a fraud. People didn't make their house payment, they should lose their house and the people who buy them should have clear title to them. Banks are NOT forclosing on people who are making their payments.

If there was fraud here, a big portion of it was committed by people who bought houses they couldn't afford.