They're ramping up the foreclosures. This is from the Wall Street Journal (via Calculated Risk). Again, this seems like it fits with what we are hearing on the streets from agents and what I'm hearing from my friend at the bank.
J.P. Morgan Chase & Co., Wells Fargo & Co., Fannie Mae and Freddie Mac all say they have increased foreclosure activity in recent weeks. Those companies say they have lifted internal moratoriums which temporarily halted foreclosures.
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Citigroup Inc. says it stopped all foreclosures until March 12, at the Obama administration's request, on loans serviced for Fannie and Freddie. Since then, says a spokesman, it has "reverted to our previous business-as-usual moratorium."
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Wells Fargo has also increased foreclosure actions since the expiration of its foreclosure moratorium ...
Both Fannie and Freddie have stepped up sales of foreclosed properties since their moratoriums ended on March 31.
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More than 2.1 million homes will be lost this year because borrowers can't meet their loan payments, up from about 1.7 million in 2008, according to Moody's Economy.com.