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The Next Housing Shock

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April 04, 2011 – Comments (8)

Very good piece by 60 minutes

(Embedding was disabled for this video, but it is 14 minutes and is certainly worth watching)

http://www.youtube.com/watch?v=QwrO6jhtC5E

8 Comments – Post Your Own

#1) On April 04, 2011 at 12:11 PM, RyanCoke (99.84) wrote:

WOW!

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#2) On April 04, 2011 at 12:13 PM, binve (< 20) wrote:

RyanCoke,

That's what I said when I watched it..

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#3) On April 04, 2011 at 12:15 PM, kdakota630 (29.76) wrote:

When I saw that this was a 60 Minutes report I thought it was going to be something that I posted a while back, but this is unbelievable.

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#4) On April 04, 2011 at 12:17 PM, binve (< 20) wrote:

kdakota630,

I know man. That extent of this level of fraud really is shocking.

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#5) On April 04, 2011 at 12:31 PM, amassafortune (29.62) wrote:

Ah, the beauty of outsourcing. Lower wage rates and plausible deniability. The $10/hr. robo signers will do some time, "Cash for keys" will get underwater homeowners to move out without proof of "note", taxpayers will foot the bill, and bankers will be on to their next profitable project.

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#6) On April 04, 2011 at 12:41 PM, binve (< 20) wrote:

amassafortune ,

Yep, just hire firms to solve a problem that can't be solved based on your screw-up. And make sure that they do cut rate work. And let them engage in the actual fraud. As long as they are a few levels removed from you, then you can point to the middleman and say you had no idea what was going on...

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#7) On April 04, 2011 at 1:18 PM, Starfirenv (< 20) wrote:

B Man- Thanks for putting this up. I've been following this for some time. Did you see where BO got robosigned? You will love this.
  Meet Marsha Craine- 
http://4closurefraud.org/2010/10/10/4closurefraud-exclusive-president-obama-falls-victim-to-chase-robo-signer/
  There is a link to MERS where anybody can ck the status of their loan. I would rec all Fools to do so.
  Usual +1. Best

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#8) On April 04, 2011 at 1:23 PM, binve (< 20) wrote:

Starfirenv ,

Hey man, wow, that is just crazy. I have heard about isolated incidents (what I thought were isolated), but I had no idea who pervasive this problem is. Thanks man!..

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