Banks still have a big foreclosure problem.
Whalen yesterday on CNBC's Fast Money. Excellent discussion.
"If you were an investor, would you want to write a jumbo mortgage, say in Massachusetts, where you can't foreclose at all. Politicians talking about comsumer protection (like Elizabeth Warren) are actually hurting consumers because now you can't get a mortgage."
"Banks don't even know what they're getting into. California is now a minefield for banks. You have to do judicial foreclosures in California after Jan. 1. What does that mean? More costs for the banks."