http://www.cbsnews.com/stories/2011/04/01/60minutes/main20049646.shtml?tag=contentMain;cbsCarousel
Monday, April 4, 2011
60 Minutes article on Foreclosure
This article was very interesting because it talks about the fraud that goes on with the banking system and their paperwork dealing with foreclosure. Also there is a video clip from the episode online at 60 Minutes' website which gives an overview of what is happening with fraudulent paperwork.
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Yes, it's interesting, but I feel this is only one side of the story. If you pay attention closely to page 4, you'll understand.
ReplyDelete* "Bair's proposed cleanup fund would pay homeowners to accept a bank's ownership claim without a lawsuit. She says this could be cheaper for banks than trying to recreate the missing documents legitimately - not through document mills."
- Why? We're basically pointing fingers at them and blaming them. Also, why should everyone, including homeowners who could not afford to pay for their dream houses, get the money back? It's not fair for others who have been paying on time. AND you know what this means if the clean-up fund goes thru? We have to pay more taxes because this project requires billions. (Plus, the U.S. is broke. Our money is not our money. It's China's.)
* "Banks are defensive because all 50 state attorneys general want to punish them: the states are seeking about $20 billion in damages for what they say is the irresponsible, perhaps criminal way..."
- Are you kidding me? They should have jailed them right away, especially the employees who misled a lot of people.
Thanks a lot, Greenspan. You really did it this time.
American greed and arrogance has finally caught up with us. Our insatiable appetite for having the biggest and best things dis not come without cost. It seems that people are only now getting angry because they are on the hook for what they owe. We do a good job of blaming others when things dont go our way. The bankers are greedy, and so were the borrowers.
ReplyDeleteWe did whatever we could to get our hands on all that cash so we could buy a bigger TV or house, or car. And some did it through less than honest means. Now that the same thing is happening in return, people are up in arms. i swear I saw this same situation in my daughter's kindergarten class.
Just one note to Paul's comment... I think that I agree with everything up until "we should have jailed the employees that misled a lot of people." They may have misled people, but they were under the impression that their "white lies" were making people better off; helping people get houses.
ReplyDeleteAnd the forged documents were the lower class employees better off too, although not significantly. It's Fordism--the "just good enough" salary--that keeps people from complaining or ratting out the bosses. They were earning $10 an hour. Docx was even taking advantage of high schoolers, according to the article. When I was 16 would have signed the name "Linda Green" until my hand fell off if someone was going to willing to me $10 an hour for it.
**The forged documents were making the...
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