NOD’s dont have to turn into NOT’s, but there’s a lot of factors that make the odds very high that most will. There seems to be ways to avoid the next moratorium. (Home owner waives there decision to do a loan mod via fdic rules.) And the removal of M2M would allow sales of foreclosures to not effect the existing loan portfolio valuation. If these things are correct, banks would probably be significantly increasing their foreclosure acitivity in the near future.