60 Minutes The Next Housing Shock
If there was a question about whether we’re headed for a second housing shock that was settled last week with news that home prices have fallen a sixth consecutive month. Home values are down nearly to the locals up the Great Recession. And one thing weighing on the economy is the huge number of foreclosed houses. Many are stock on the market for a reason that you wouldn’t expect… Banks can’t find the ownership documents
It’s bizarre but it turns out that Wall Street cut corners when it created those mortgage-backed investments that triggered the financial collapse now the banks want to evict people there on winding these exotic investments to find that often the legal documents behind the mortgages aren’t there caught in a jam up their own making some companies appear to be resorting to forgery and phony paperwork to throw people down on their luck out of their homes
In the nineteen thirties we have bread lines venture out before dawn in America today and you’ll find mortgage lines.
60 Minutes’ episode The Next Housing Shock reveals a story of how big banks have been caught redhanded paying minimum wage temp workers to forge signatures on important legal documents in order to illegal foreclose on innocent homeowners. This special report shows a young guy who bragged that he could sign Linda Green’s name, something like 360 times an hour.
Think about it, in just one hour he committed enough felonies to put him in a federal penitentiary for several life sentences. This guy was no rocket scientist, but he could write fast! And the notaries, it’s a relatively minor thing, and its standard business procedure. But these guys are cranking out foreclosures so fast that having to wait for a notary, or having to wait for a notary to sit across the table from you as your signing these documents, and take the time to fill out their ledger and have you sign the ledger, while that’s inconvenient, and it’s not efficient.
So the foreclosure mills will hire somebody, at the entry level position who doesn’t know anything, and they come to them and say: “Hey we need a notary, and if you want to be a notary we can pay for your application fee, and your bond, and everything you need like your stamp and your ledger, and we’ll make you a notary.” And the new entry level clerk says “wonderful, I’ll be a notary”. And then the company comes to them with a big stack of documents and says “here you go, we need you to notarize these for us.” And generally this is a law firm, so the entry level clerk believes that this must be legal, and they do what there told and they notarize the stack of fraudulent documents. So now when the foreclosing agency needs a notarized document they just pull one off the shelf and fill it out.
In this special report you will see thousands of folks lining the streets, homeless they slept on the sidewalk because they want to keep their homes, facing foreclosure they camped out in January to get in line to back their bank for lower payments on their mortgage. So many in the country are desperate that they have to meet in convention centers, coast to coast, in order to beg their lenders for loan modifications that rarely help struggling homeowners.
60 Minutes’ The Next Housing Shock helped shed a light on the criminal methods that banks are using to illegal foreclose on innocent homeowners. But to learn what you can do to fight back and defend your home from mortgage and foreclosure fraud you will have to do more than watch a video on the internet!
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