Fannie and Freddie have sold 1.2 million of their foreclosures.  They are now selling pools of properties.  The investors are not necessarily American.
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Bank of America is still not releasing its foreclosure back log.  They are laying off 16,000 employees.  Maybe they will be ready to let loose of their inventory by November.  They did get a bunch of stimulus money from this administration.  Maybe they are obeying their political masters and holding off releasing the load of foreclosures until after the election.
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Mit Romney is suggesting a 20% across the board income tax reduction, but we might loose the mortgage deduction as well.  Personally, I prefer Herman Cain's plan 9-9-9 which would start us on the track to the fair tax plan.  That would allow us to spend as much or as little as we want to be taxed and free up our economy in every way including real estate. 
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Brian Collins, (Oct 2, 2012) Origination News writes:

Community banks may be driven from the single family mortgage market unless changes are made to the Basel III.  Basel III is the third installment of the Basel Accords.  It increases the bank liquidity and bank leverage requirements (more regulation).  We are already seeing community banks being bought out by larger regional banks because the regulatory costs have increased to the point that the local banks can't make a profit.  Basel III will make the situation worse.  The OECD is the Organization for Economic Co-operation and Development which is an international economic organization of 34 countries founded in 1961 to stimulate economic progress and trade, according to Wikipedia.  They are saying that Basel III will decrease annual GDP by 05-.15%.  We can't afford any more decrease in our economy.  Our economy is only growing at less than 2% as it is.  However, the Basel III doesn't affect the GSE's, only the less than mega banks.
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Jon Prior at HousingWire say:

Freddie Mac is requiring banks to buy back  mortgages to allow the Federal Gov't to print money. 
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Kerry Anne Panchuck of HousingWire writes:

Borrowers with second liens owned and serviced by Bank of America ($9.08 0.15%) may qualify to get their subordinate debt extinguished entirely.  But no letter, no chance of qualifying. 
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Bank of America may be deleting these second mortgages, but we, the tax payers, will still be paying for BoA's mistakes in loaning to the defaulting parties because of the stimulus money they got.
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TBWS says:

Stop all loan modifications because between 1/3 and 1/2 of the modified loans default.  Modifications perform worse than the worst of any subprime loan.  Doing loan modifications just increase loan defaults.  Where is the business sense in that?  We should just get the foreclosures and short sales out of the way because it doesn't matter to us, the tax payers, who is in the house.  90% of the new mortgages succeed.  This will get us out of the default cycle and put our real estate industry back on solid footing.  Modifying loans is financing the housing failure.  It sounds good, but is just flushing taxpayer's dollars down the toilet.
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Fannie Mae has just pulled the contracts with many of their asset managers.  Who will put the foreclosures on the market now?
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Peter Schroeder in The Hill says:

Three states are challenging Dodd-Frank in court.  They are Michigan, Oklahoma and South Carolina.  They are saying that Dodd-Frank creats death panels for companies. (I hope they win).