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The next housing shock

August 7, 2011 5:00 PM

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. Scott Pelley reports.

The next housing shock

60 Minutes OverTimeMortgage mess: Who really owns your mortgage?

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by Jimmyd44 August 16, 2011 1:30 PM EDT
This problem is HUGE. Distressed homeowners need to seek help. There IS a way out with the proper professyinal help. Time is of the essence. Ignoring the problem only makes it more difficult.
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by TheWizardofOunceZ August 10, 2011 2:58 PM EDT
The irresponsibility of the Court system cannot be overlooked in this situation because they are supposed to be verifying the info prior to issuing the right to foreclose. In many cases they do not even afford the homeowner an opportunity to adequately oppose the banks assertions. An investigation should also include the exposure of financial records of Court officers and Judges associated with this debacle! To make matters even worse, the banks never loaned a dime in the first place. Check "Modern Money Mechanics", a federal reserve of Chicago publication, pg. 6 to verify how money is "created". The rouse is getting exposed! Great job 60 Minutes for even having the kahunas!
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by TheWizardofOunceZ August 10, 2011 2:57 PM EDT
The irresponsibility of the Court system cannot be overlooked in this situation because they are supposed to be verifying the info prior to issuing the right to foreclose. In many cases they do not even afford the homeowner an opportunity to adequately oppose the banks assertions. An investigation should also include the exposure of financial records of Court officers and Judges associated with this debacle! To make matters even worse, the banks never loaned a dime in the first place. Check "Modern Money Mechanics", a federal reserve of Chicago publication, pg. 6 to verify how money is "created". The rouse is getting exposed! Great job 60 Minutes for even having the kahunas!
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by Nationwide-PS August 10, 2011 2:04 PM EDT
As the weeks have gone by we are doing our securitization audits for homeowners who have questions about the "robo signer" and if in fact that the "lender" who claims they own they mortgage has the right to be billing them monthly. We have revealing truths to this mortgage disaster and Nationwide Property Solutions is helping these homeowners who desperately seek a direction. The video's posted on here are great and 60 minutes did a wonderful job pointing out the violations committed. For more info go to our website "www.nationwide-propertysolutions.com".
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by rockzilla68 August 10, 2011 12:54 PM EDT
I am in court now in California. My ex husband was sucked in to this easy money by his broker friends. We owned 6 properties, one paid in full in California that we raised our children in. We were self employed and had a wonderful future ahead of us. My ex kept buying properties. I only agreed with 3 of the properties, the rest was unnecessary and I could see the future coming because the way he was able to pull monies out of these properties did not seem normal. Nothing could have been that easy but it was. Working out of state one day I receive a phone call from my ex stating he wanted a divorce and left. No fight, no argument, just left. Come to find out, he was able to pull line of equities on all our properties in the millions, even $480,000 on our paid home without my knowledge and was able to buy a condo as a single man, although we had been married for years and all our accounts were joint even our tax records. When I bought my first home they practically wanted DNA and he was able to do this. Now all 6 houses are gone. He gladly gave me 3 properties in the divorce but he didn't care, he pulled lines of equities out behind my back with his broker friends with notaries in their back pocket. I had to pay an attorney in California to get to the bottom of this. I feel so cheated and Damn Mad! My ex says a mid life crisis drove him to this madness, but I know it was all greed. And I am the one struggling to keep my good credit because all his dealings didn't effect me because they didn't include me, and he is the one with a condo on the beach in Cali and a 24 year old new wife in Costa Rica, where he probably has all my money living like a king. I want these banks, brokers, lenders, notaries to be criminally charged for fraud.
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by hmspele August 9, 2011 10:21 AM EDT
This is Scary stuff. So many innocent folks caught up in this mess. Sure, there must be lots of people who bit off more than they could chew, but the fraud and deceit is so obvious that this nightmare should scare every homeowner in America. How many thousands of innocent home buyers have lost their "American Dream" due to the corruption that has brought them down? We're all in jeopardy when financial institutions are allowed to run wild and bring down the American public without any recourse.
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by NSSFinancials August 8, 2011 11:39 PM EDT
Uncovering the assignment issues discussed here, as well as other even more manipulative violations and instances of fraud, and using our findings to negotiate principal reductions, has been our business' focus for many months! This segment reveals the tip of an iceberg.

www.nssfinancialservices.com
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by lamisner August 8, 2011 8:01 PM EDT
Tiredofthis123: Some people were foreclosed even though their mortgage was already paid in full. I allowed my house to go into foreclosure during a divorce...I wasn't going to make housepayments for my wife and her boyfriend in my bed after she tried to kill me twice for asking her not to continue putting meth up her nose. I divorced, had her removed, filed bankruptcy to negate the foreclosure, let the bankruptcy default and paid back all the cards she had charged up for cash for drugs, as well as getting the mortgage caught up within the next 90 days...only to be foreclosed on a second time after my Bank of America transferred my mortgage, messed up the account, and forced me to take a Fannie Mae bailout or they threatened to put a lock on my house - even though the mortgage was caught back up. I'm a degreed professional and make a decent salary, but the divorce and hospital bills from being nearly killed by my now ex had be living paycheck to paycheck at that time. So now I have the bailout...they paid what they said I owed (wrong), and charged me $10,000 MORE in "court costs" when nothing ever went to court. So...am I liable to pay that added ten grand for they paperwork snafu? I guess you'd say yes? You don't know every situation and every case there smarty kid...glad you have a 100% assured stable situation in this economy...wow.
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by Tiredofthis123 August 8, 2011 2:13 PM EDT
Don't take me wrong, the people responsible for trying to forge documents should be punished but there was not one mention that the women interviewed probably borrowed hundreds of thousands of dollars to buy a house she couldn't afford and is now trying to walk away from her obligation!! Where do you think this money came from??? Either the banks held the mortgage and will need to raise rates to pay for this or investors bought the securities and will now take a loss, those investors are usually mutual funds or insurance companies who will now take the hit an need to pass those losses to their customers. There is no free lunch except the women interviewed is trying to get a very large one!!
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by Tiredofthis123 August 8, 2011 2:01 PM EDT
I have an idea how to solve this, why don't the people who took out mortgages PAY THEM BACK!!! What has happened to this country that 60 minutes it trying to justify people walking away from their obligations!!! Shareholders and depositors own the banks, if they don't get paid back those are the people who get hurt.
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