The real Foreclosure crisis has just begun.

This piece aired on 60 minutes April 3, 2011. The extent of the fraud is mind boggling.

okie needs to watch this video; he has been saying that the mortgage crisis started and ended with Freddie and Fannie.

It really is staggering, and the solutions to it are so painful as to be difficult to imagine putting into action. Depressing.

Great post, thnx

Cycloptichorn

The issue about banks losing the legal documents (that were never produced at time of purchase) of ownership is old news, but the fact that those same banks are using forged signatures to create fraud goes beyond the pale.

It was the scale of the fraud that caught my attention. Sweatshops for signing phony bank executive signatures where one person stated in an interview that he signed more than 4000 documents per day.

Even as this becomes public news, nothing seems to happen to those banks that perpetrated fraud on the public. Wall Street always seem to get away with crimes. Our country is broken too badly for it to ever recover. We have the wall street crooks, and we have the conservatives to give them bigger tax breaks to bankrupt our children and grandchildren.

This country is sick.

The banks have been propped up with US treasury funds and US Government policy, as soon as the run on the banks started we decided that the first order of business was to save banks. Let us remember CI that when the Great Recession hit you yourself were all over A2K claiming that the banks must be saved, we need the banks......you were not interested in hearing about the crimes the bankers may have committed in the process of fulfilling their greed, you were only interested in how we were going to save the banks.

hawk, You're talking about two different issues; 1) the banking system needed to be saved for any economy to survive, and 2) how the feds doled out that money without condition was the biggest problem. Understand?

BTW, according to this morning's newspaper article, Wells Fargo paid over $11 million to the feds for Wachovia Bank's mishandling of derivatives.

In Wells Fargo's budget that amounts to soda money. I am duly impressed.