60 Minutes: The Next Housing Shock - Lost And Forged

Video - 60 Minutes - April 3, 2011

Sheila Bair makes an appearance.

As more and more Americans face mortgage foreclosure, banks' crucial ownership documents for the properties are often unclear and are sometimes even bogus, a condition that's causing lawsuits and hampering an already weak housing market.

• Read the transcript at CBS

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Chart courtesy of William Banzai

Comments

[DailyBail]

WSJ: IRS Launches Audit Offensive Against Wealthy Americans

http://taxprof.typepad.com/taxprof_blog/2011/04/wsj-irs-launches.html

[DailyBail]

Shocking Truth Behind Donald Trump’s Hair Revealed?

http://www.vanityfair.com/online/daily/2011/03/shocking-truth-behind-donald-trumps-hair-revealed.html

[john]

In light of the recent announcement that the Permanent Subcommitte on Investigations is about to release the findings of the Sub-Prime mortgage mess, there have been a 2 stories published over the last 2 days in The Hill and this one co-authored by one of the sitting members of the committee, John McCain, seem to confirm that.

OPINION: Behemoths Fannie and Freddie bankrupting the US

http://thehill.com/opinion/op-ed/153799-opinionfannie-and-freddie-bankrupting-the-us

[snip]

Thanks to their government guarantee, Fannie and Freddie easily underpriced all private competition, creating a system in which they ultimately privatized their profits and socialized their losses. Meanwhile, financial institutions were mandated, incented or cajoled into loaning money to pay for irresponsible home purchases.

This is the opinon article by Judd Gregg yesterday....

http://thehill.com/opinion/columnists/judd-gregg/153521-opinion-financial-meltdown-caused-by-congress

[DailyBail]

john...here's a link on the sub-com report...

http://online.wsj.com/article/SB10001424052748703712504576236933883797152.html?mod=rss_whats_news_us

[chunga]

It's all bullshit. The banksters and their scummy lawyers have met their match. lol

http://www.zerohedge.com/article/foreclosure-fight-club-george-babcock-mark-harmon-send-your-minions-i-may-lay-waste-them-me

JP Morgan cannot foreclose in RI without a written assignment from FDIC. Was appealed to Supreme Court a month ago. Appeal dismissed. Filed Motion to Reconsider, Motion for Relief Denied based on Law of the Case. Take your medicine banksters....

Go ahead JPMorgue appeal again and lose again. Where do appeal from here? Ha HA

Here's the court transcript:

http://www.scribd.com/doc/52608030/Diana-v-Wamu

This one here will eclipse the Ibanez ruling:

http://www.scribd.com/doc/52370037/United-States-District-Court-District-of-Rhode-Island-Moll-Brief

[Morton]

Wow to the robo signers part of the video. That is impressive. Pity the banks were not so active with actual real documents.

Wow to the 30,000 A DAY repossessions

Wow that courts would accept those papers

Ref:Sheila Bair
She is named in the video as a one of the top banking regulators. Where was she when this was actually going on?
Now the cat is out of the bag she says:
"it is astonishing to me that it became as pervasive as it did"

?
So, one of the top banking regulators is surprised.
What exactly has she been doing for the last FIVE years. What was she regulating? It certainly must NOT have been the banks, otherwise she would not be surprised.

She does seem to be bothered about the paperwork being "sloppy". That is when it showed she was asleep at the wheel.
In other words when she got caught turning a blind eye to multi billion dollar fraud.