There is now a temporary “suspension” on foreclosures. The moratoria have been imposed by the servicing divisions of various Wall Street banks, but the banks do not own the vast majority of the mortgages on these properties. Instead, the properties are technically owned by trillions of dollars worth of securitized mortgage-backed bonds. When these flawed securities were created, many banks appointed themselves as servicing agents, seeking to make additional profits that way. But pension funds, insurers and smaller banks actually bought this toxic waste, and they are the ones that own the mortgages, not the banks. In yet another episode of uncontrolled greed, Wall Street banks who securitized mortgages happen to have forgotten about little niceties like perfecting mortgage liens. Some, or even many, of these supposedly “mortgage-backed” securities contain either improperly transferred mortgages, or mortgages that were never transferred at all.