If by chance you missed the recent 60 Minutes piece asked “Who Owns Your Mortgage”, you need to catch it by hitting the link below. This is nothing short of vile; clear and undeniable fraud has taken place again and again with these legal documents and yet not a single criminal charge has been brought. Thousands of fraudulent documents, forged signatures and improper notarizations are the tip of the iceberg….yet there remains a deafening silence from Washington. We need The Who playing in the background…”meet the new boss, same as the old boss”….
Do you know who really owns your mortgage? As Scott Pelley reports on “60 Minutes” this week, that question has become a nightmare for many homeowners since the invention of mortgage-backed securities. Yes, those were the exotic investments that sparked the financial collapse in this country.
And they’re still causing problems.
As it turns out, Wall Street cut corners when it bundled homeowners’ mortgages into securities that were traded from investor to investor. Now that banks are foreclosing on people, they’re finding that the legal documents behind many mortgages are missing. So, what do the banks do? As Pelley explains in this video, some companies appear to be resorting to forgery and phony paperwork in what looks like a nationwide epidemic.
Even if you’re not at risk of foreclosure, there could be legal ramifications for a homeowner if the chain of title has been lost. Watch the “60 Minutes” report and listen to Pelley’s discussion with “60 Minutes Overtime” editor Ann Silvio about the findings of his reporting team. CLICK HERE
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