From Zero Hedge:

In light of the market moving preannouncement by WFC, which as David Faber points out may have used some "leeway" with the marks on the company's mortgage related assets, it makes sense to present some California foreclosure data to show just how hot the refi market really is. We grab the following data and charts from the excellent Field Check Group blog.

The bottom line is that there is a massive wave of actual foreclosures that will hit beginning in April that can't be stopped without a national moratorium - this wave is so big I would not put it past them trying it.

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