[wmfights]

This is why (in my humble opinion) the state where the loan was originally cast should have jurisdiction over any legal proceedings involving the property.

This is a good point.

In this case, I'm worried about the secondary mkt being destroyed because when all banks have to sell their loans to the govt run Fannie & Freddie there will be no room for young entrepreneurs in real estate. If that happens one more slice of the american dream gets destroyed by the nanny state.

[Alberta's Child]

Right. But what is more likely to happen is that "entrepreneurs in real estate" will simply have to find different mechanisms for financing their purchases than traditional mortgages.

This should not be a big deal. In fact, this is how commercial real estate transactions were typically done in the days before regular banks started getting heavily involved in this type of financing.