For full disclosure. This study and thoughts focuses on my market.

I spent some time doing a case study of deeds in versus deeds out of the foreclosing lenders here in SWFL

I expected to find out whether they were hoarding inventory or not.

I found the plan.....

They all had a moratorium on foreclosures. Just prior to the streets test. They stopped taking inbound deeds in. There by not altering their current loss coverage's. They also sold all the REO's they could

They accomplished a few things here
Passed the stress test
Cleared the backlog of REO's
They are now ready to handle the flood of REO's coming from the foreclosure backlog.

It may not be a conspiracy, it sure looks like a plan