It struck me today that most bank owned properties are resold with financing and that almost half the foreclosures examined in the SF Audit were void on their face. So…the banks that “Sold” these properties had no right to do so. And the new loans were unsecured debt rather than secured debt. And then most of those loans were resold to fannie and freddie. With Reps and Warranties. Oops. I think there might be a problem here.