WELCOME TO THE RECOVERY – AT 8:04 A.M. ET:  This story is coming in under the radar.  People aren't noticing.  From Fox:

WASHINGTON -- The disarray stemming from flawed foreclosure documents could threaten major banks with billions of dollars in losses, deepen the disruption in the housing market and hurt the government's effort to keep people in their homes, according to a new report from a congressional watchdog.

Revelations that several big mortgage issuers sped through thousands of home foreclosures without properly checking paperwork already has raised alarm in Washington. If the irregularities are widespread, the consequences could be severe, the Congressional Oversight Panel said in a report issued Tuesday. The full impact is still is unclear, the report cautions.

COMMENT:  It was the mortgage crisis, created in part by the reckless mortgage policies of liberal icons Fannie Mae and Freddie Mac, that helped bring on the 2008 financial panic.  Looks like the dry rot has not been dealt with by this administration.  Watch out for tomorrow.

November 16, 2010