For those of us who remember well Tanta of Calculated Risk, the current mess with GMAC and JPMorgan comes as no surprise.  If you haven’t seen the story, here are some “highlights” from the Washington Post [not Times -- correction from commenter]: J.P. Morgan Chase, one of the nation’s leading banks, announced Wednesday that it will freeze foreclosures in about half the country because of flawed paperwork, a move that Wall Street analysts said will pressure the rest of the industry to follow suit. The bank’s decision will affect 56,000 borrowers in 23 states where allegations of forged documents and…
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The homes might be affordable, interest rates low and sellers are willing to make concessions.  It doesn’t help much though if your credit score is too low for banks- and one in three Americans have this problem. [Hat tip Freedom's Phoenix.] Now mind you, given the downside risk, these might be the lucky ones.  At least they won’t be buying a home they can’t afford.

One of the signs that we have not reached a bottom with home prices is that there are so many people out there proclaiming that we are, and for all the wrong reasons.  Here’s a couple of lists I’ve seen in the past couple of days explaining why the bottom is in.  The first is from Business Insider: The issue going forward is whether we need another significant decline to allow what is presumed to be a “new wave” of foreclosures to be sold. Put me in the skeptical column, because a) the housing market has had almost 5 years…
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