A blogger in California who tracks foreclosures believes that won't happen. Sean O'Toole from Foreclosure Truth explains how TARP is impacting the foreclosure market:
In fact the Fed began purchasing direct obligations of Fannie, Freddie and the Federal Home Loan Banks on September 24, and later began purchasing mortgage backed securities. Click here for details on purchases to date from the Federal Reserve Bank. The total has reached nearly $650 Billion. Keep in mind that the total loan value on ALL foreclosed loans in California since this crisis began is under $200 Billion.
For those waiting for this "surge", might be time to take another look!
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