Real Estate Bubble

[split710]

dickmilde, as I understand it, many of these foreclosures were rushed to auction and than sold to the "questionable" holder of the mortgage at penny's on the dollar. I think in some cases there may be more to the story.
I know of several situations in the area I am in where the owner(s) desperately need to be able to redo the mortgage (ARM) the servicer refuses to even attempt to work with them and refuses to reveal the actual mortgage holder (if they know?)
I understand that they probably should not have got the financing in the first place, but just dumping these properties back onto the market is only driving prices down further.