Interesting Piece on 60 minutes on the morgtgage paper work mess

Discussion in 'Wall St. News' started by Hello, Apr 4, 2011.

  1. Hello


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  2. Fraud is only a crime once convicted.
    Bank settlements provide cash while admitting no wrong doing.
    Less than 0.01% would have the economic means to take the matter fully through the courts and appeals... a 5 year process.
  3. Thanks for the video, I feel for those involved.

    I like the part where Sheila Bair says something like, "If this gets out of hand."

    That's destine to become as classic as, "Read my lips, No new taxes."
  4. A local judge in Florida asked a local branch of a bank to prove it held the mortgage on a foreclosure.
    The bank could not prove ownership in the time required so an extension of 30 days was given by the judge.
    Upon returning back to court the bank produced "a" document that was an obvious forgery because the homeowner was a vet that had lost both of his hands and had a unique signature.
    The judge was so pissed, he said the only person who could prove ownership was the homeowner so he gave him the property, free and clear.
    The case was sealed.
    Seems fair to me.
  5. Eddiefl


    This is fucking sickening, really. I dont feel bad for the flipper or the 26 year old working at Blockbuster who "stated" he made 200k and got a huge house, but there are some decent folks who are getting caught up in this.

    Let me tell you something, if i forged 400 federally regulated contract papers in one day, in any other business. I would be in prison so damn long, they would name a wing after me. !!!!

    The govt, is scared to go after Citi, BAC, HSBC,,, but they wil go after the borrower who lied on a mortgage application, but not the people who created them.

    ITs really fucked up.

  6. ElCubano


    on the flip side:

    man buys house, takes out $400k in loans, doesn't pay his mortgage, lives in the house for 3-4 years without paying a dime, finally purchases a house across the street and pays it off entirely, moves his furniture about half a block and is enjoying his new home....true story.

    crazy huh?

    all these stories, makes people who saved and lived according to their means..the real suckers...
  7. Exactly. They save and then the savings are taxed 100% with ZIRP running indefinitely while the value of said dollars are inflated away.
  8. Eddiefl


    He got lucky and probably wont ever be able to do that in his life time again. there wont be a bubble like that in real estate for 30-40yrs prob.

    Yes, some got lucky, some con artists hit it big, like rats waiting for a sneaky way in. Its just a by product of the mess that happens.

    My concern goes out to single moms with 3 kids, real couples trying to raise a family who bought an adjustable etc.

    UNless those people had an power of attorney set up to sign for Linda Green, they should be in prison and thier managers as well.

    #10     Apr 4, 2011