State and federal governments are hammering the big banks over their mishandling of paperwork regarding home foreclosures. As a result, Pimco, Fannie Mae and Freddie Mac are now demanding that Bank of America and others repurchase bad mortgage loans that didn't have proper documentation. Real Estate lawyer Stephen Meister thinks that the big banks that dominate the mortgage market will require higher interest rates and costs to offset the developing foreclosure mess.
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