Posted by CapCityAgent on 4/3/11 6:23pm
Msg #378431

Watching 60 Minutes on the foreclosure fiasco!

60 Minutes did a socking story on banks conducting fraudalent foreclosure. I think I heard something about this epidemic last year. The banks can't produce paperwork that they own the properties that they are foreclosing on. A company called docs fraduently hired people to sign as bank officials to foreclose on properties. They even interviewed notaries who were asked to notarize the fradualent docs. We have not seen the worst of this foreclosure fiasco!

Reply by 101livescan on 4/3/11 6:37pm
Msg #378433

This fiasco will last many years going forward. Gotta see INSIDE JOB, documentary by Charles Ferguson, won the academy award for best documentary last month. House of Cards only tipped the iceberg. This film is pretty scary, and these guys knew what they were doing all along, with no regulation whatsoever.

Sad, toppling our middle class! I hope there is way they can all make payback appropriately for millions of people's whose lives are ruined daily by their practices.

Reply by MW/VA on 4/3/11 6:40pm
Msg #378434

I agree, Cheryl. "Inside Job" tells the real story. I

think if many Americans see it there may be a vigilante group form to hunt those guys down.

Reply by janCA on 4/4/11 12:21pm
Msg #378500

I watched INSIDE JOB three times this weekend. Unbelievable.

And the sad part is nothing is being done even now. Heads should roll and these crooks need to be prosecuted, but as it stated in the last segment, "we have a wall street government".

Reply by ikando on 4/3/11 6:48pm
Msg #378435

Here's a link to the 60 Minutes portion tonight.

http://bit.ly/fvzivx

If you Google 60 Minutes and mortgage, you'll find info since 2008 about this who debacle.

And now "they" want to have web notaries? If the wet ink signatures aren't valid, what will only "electronic" notarizations produce?

Reply by JanetK_CA on 4/3/11 7:51pm
Msg #378438

Tks for heads up; it hasn't aired here yet-I'll be watching! n/m

Reply by Shoshana/AZ on 4/3/11 9:09pm
Msg #378442

I just watched it.

It absolutely boggles my mind! If anyone of us was involved we'd be in jail! How could any one of the signers not know that it's illegal to sign somebody else's name is beyond me! Lastly, how could the notary not know right from wrong?

Reply by Linda Juenger on 4/3/11 9:20pm
Msg #378444

Re: I just watched it.

my impression of the notary was she "became" a notary specifically for this job only.

Reply by Susan Fischer on 4/3/11 9:45pm
Msg #378447

Yeah, get the creds, screw the feds, sleep in fine beds,

we got it made in the shade, Blade...you be cool for twenty hours, and we'll give you twenty grand, won't we, Stan...

Wall Street Style.

Reply by Joan Bergstrom on 4/3/11 9:39pm
Msg #378446

Re: I just watched it.

I think the notary was from Georgia and must not have had any training, or if she did, she didn't pay any attention.

Reply by kathy/ca on 4/3/11 9:58pm
Msg #378451

Just saw it too and no one in their right mind could possibl

not know it isnt right to sign someones elses name to a legal document and they each did hundreds every work day!!!! Ow vey!

Reply by JanetK_CA on 4/3/11 10:47pm
Msg #378456

Re: Just saw it too and no one in their right mind could possibl

Agree with you both. I shudder to think what the ramifications of this will be for the general public. The people who cooked up these ideas, on the other hand, are probably getting big, big bonuses!

Another thing that slayed me was seeing pictures of incomplete Deeds - especially after being asked to notarize one this afternoon. (See post above.) I hope those folks were watching this, but then they probably wouldn't have known enough to make the connection...

Reply by Susan Fischer on 4/4/11 12:12am
Msg #378462

It was a loud and clarion wake-up alarm, Janet. The bonuses

abound on Wall Street, as do the Oil Giants, with their "safety" bonuses despite Deep Horizon, was it?

Consumer Education is a priority, as are Honest Contracts. Armed with knowledge and law, homeowners are making headway. It takes action, organizing lots of pro-bono work for the swindled of Main Street to fight Wall Street, and the snakepits it spawned.

Reply by Moneyman/TX on 4/4/11 12:00pm
Msg #378496

Link to the second online part of the story

Docx (the forgery document mill) was owned by Lender Processing Services (LPS)! Unbelievable! They say that "when they found out about the phony signatures, they shut Docx down" ?? If that is all Docx did, what did LPS "think" they were supposed to be doing? They owned them.

I've actually had signings that included paperwork from LPS. Legitimate signings of course, but wow.

This must be where those lawsuits a few years ago started. The ones that forced the banks to prove they actually owned the houses they were trying to foreclose on.

The online extra video: http://tinyurl.com/3jz5984

One of the guys signing the fake name told other signers "One of these days we are going to be on 60 Minutes".