60 Minutes | Foreclosure Fraud Featured this Sunday on 60 Minutes

4closureFraud's picture

Foreclosure Fraud Featured this Sunday on 60 Minutes

Spread the word everyone...

is the one that we hope wakes up the American people. A group of us
foreclosure fraud fighters, with my good friend Lynn Szymoniak leading the way, have
been working with 60 minutes over the past few months to help them get
this story together.

This (hopefully) explosive piece focuses on what we all
have to come to know in foreclosure world. It will cover the
robosigning scandal from LPS / DOCX and much much more.

The were even able to track down a DOCX robosigner for the story.

So stay tuned and watch the show this Sunday at 7pm on CBS

From the 60 minute website:

This Sunday on "60 Minutes"

The Next Housing Shock

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.

Also from the report...

FDIC Chairman: Foreclosure clean-up fund needed

Sheila Bair says fund is needed to stem tide of lawsuits caused by bad mortgage paperwork in foreclosure cases

News) Banks so poorly handled documentation on millions of mortgages
that many today cannot prove that they own the homes they want to
foreclose on. The resulting rash of lawsuits from people seeking to
save their homes has one of the government's top banking regulators
worried that the torrent of litigation will delay the real estate
market's recovery.

Federal Deposit Insurance Corporation Chair
Sheila Bair tells Scott Pelley banks should be forced to contribute
billions to a clean-up fund that will help stressed homeowners stay in
their homes and stave off lawsuits - there are 30,000 already - that
threaten the economic rebound. Pelley's report on this latest chapter
in the incredible mortgage meltdown story will be broadcast on "60
Minutes" Sunday, April 3 at 7 p.m. ET/PT.

Like last year, banks are expected to foreclose on a million mortgages
this year, a scenario that could generate more lawsuits over mismanaged
paperwork. "I think that this litigation could easily get out of
control," says Bair. "...We're already feeling like we're falling behind
it," She thinks a large clean-up pool funded by the banks that would
pay homeowners to accept a bank's ownership claim without a lawsuit is
necessary. "I would assume it would be billions
[that the fund would
need]," Bair tells Pelley.

More here...

On an other interesting note, which I am sure is totally unrelated to the 60 Minutes report, Lender Processing Services 8K Filing from 03/31/11

Item 5.02. Departure of Directors or Certain Officers

On March 31, 2011, Lender Processing Services, Inc.'s (the "Company") Board
of Directors determined that its businesses would be best served by
consolidating the management of its operating divisions and business units under
one chief operating officer in order to promote a more cohesive operational
direction and strategy. As a result, on March 31, 2011, the Board appointed
Daniel T. Scheuble as the Company's sole Executive Vice President and Chief
Operating Officer, and Eric D. Swenson ceased to serve as Executive Vice
President and Co-Chief Operating Officer
. Mr. Swenson will depart the Company on
April 30, 2011.

Well, at least LPS hasn't disseminated propaganda or infiltrated our government, so there may be some arrests forthcoming. /sarcasm...

The Devil is in the Details – Introducing LPS Government Solutions



Comment viewing options

Select your preferred way to display the comments and click "Save settings" to activate your changes.
Canny's picture

When we walk on streets, you may notice which handbags do strangers take? Why we take care about this? You'll not feel comfortable if you really want to be the same as everyone

else. So a different world cup soccer jerseys is important to you and me. But sometimes, people would like to buy

href="http://www.niketrainerscheap.co.uk/nike-air-max-shoes-c-39.html">nike air max trainers

.In order to avoid buying fake world

cup football shirts, you may need to learn some skills how to spot replica coach purses. Actually there are no secrets about this.

Canny's picture

By the dawn of the 1980s the air max 97 was spread across four floors of the

building they occupied in Manhattan's West 34th Street. The company paid their highly skilled laborers better rates than most other factories offered, and in doing so maintained

good labor relations that kept production flowing steadily.It was also around this period that nike trainers sale started

branching out into mail order, as well as setting up specialty stores. It wasn't long before the demand for nike running

trainers began to outstrip the supply. Despite this, the Cahns refused to change the way they worked, unwilling to sacrifice quality for larger production volume.

chunga's picture

Here's the "overtime" version of the 60 Minutes thing. For a 5 minute piece I bet it opened up a few eyes for the casual viewer.

60 Minutes

George Babcock on the radio was better..."title assassin" lol. I hope they put up an archive.

Fred Hayek's picture

The piece was utterly, comically insufficient.  Is that the sort of superficiality that 60 Minutes thinks constitutes a report on something?  Pathetic.

There was no explanation whatsoever of what the repercussions of this situation might be.  A journalism professor would FLUNK a student who turned that in as a full piece on the issue.

MachoMan's picture

you couldn't even scratch the surface of the most obvious repercussions in 60 minutes...

MachoMan's picture

LOL.  Sheila thought she got off light with the question of whether this would cost the banks billions...  didn't take her too long to answer that one ;)

mind_imminst's picture

"Without watching it, I can predict Dodd, Frank and Raines will be the heroes."


You forgot to add Obama and Bernanke. 60 minutes will do their normal "corporations are evil" thing. Then shill for government intervention, lawsuits, and regulation. What they won't cover (because of their scoialist big government bias) is that the banks (and GSEs) at the heart of the fraudclosure and the housing bubble are now "the government" in most respects. 60 minutes will not actually educate people as to the root of the problem. If the banks end up contributing to a fund that "resolves' the fraudclosure issue, the money will come from taxpayers/productive people. The banks will either just get new printed ZIRP money from the FED or some sort of stealth bailout from the FED/Obama/Congress.. 60 minutes sucks! 

P-K4's picture

60 Minutes should be renamed "60 Minarets" as they call the sheeple every Sunday to hear the almighty word of Soros, the WH, SIEU, et al. They stopped responsible journalism back in early 70's and today are leaders in "lapdog media."  

The show will make a case to support the "cash for keys" legislation and implement 3 key phases of (socialist) project management;

1. spin the facts to fit upcoming legislation

2. punishment of the innocent and taxpayers

3. praise for the guilty

Without watching it, I can predict Dodd, Frank and Raines will be the heroes.


chunga's picture

Many months worth of preparation went into the 60 Minutes story. It would still came as a surprise if it isn't "cleansed" of real substance.

That's why I'm more interested in listening to George Babcock on Power Talk Radio

12:00 - 1:00 EST today.

Further, I hope other attorneys listen. The best way I can describe his methodology is to use a football analogy.

FUMBLE! When the "ball" pops loose the first thing you do is jump on the ball. In this analogy the "ball" is the deed. Using long standing state statute he recovers the fumble (reclaims the deed). If the other team questions who owns the ball they can call for a booth review.

Combing through the chain of custody in super slow motion, and proving it beyond a shadow of a doubt, carries with it some very real risks.

Those risks are potentially worth more than the "ball". See Ibanez.

MachoMan's picture

Until they sort out their securities liabilities, they're fucked to deal with the real property issue...  If they were really interested in moving forward, they would need to pick a peck of securities and name the entire chain of assignment in a declaratory action...  Basically, if the assignment to the bag holder/scandinavian municipality is deemed kosher, then you go forward...  if not, you get a determination who the actual holder is and work out some equitable agreement amongst the entire chain for putbacks/% of proceeds from foreclosure sale.  With a determination as to the real holder, you can proceed to foreclosure...  in what is generally a slam dunk given the debtor will probably admit default and, if not, should be made to admit it.

However, for those foreclosures already performed, they're likely fucked...  only the apathy of the debtors can save them.

chunga's picture

Wait to see the "Moll" brief. I'll put it out soon and I hope you read it and put forth an opinion. From what I see it's made of pure, solid Kevlar.

f16hoser's picture

I no longer watch the Cartoon Network. My kids do though.

apberusdisvet's picture

The proposed settlement of $20billion is a slap on the wrist compared to the $3trillion in mortgages (at least) that cannot meet the court requirements for title chain accuracy.  And no where do I see a proposed payback to the states (county courthouses) for the millions due in property transfer fees which could be as much as $100 million in Florida alone.

MachoMan's picture

You realize most states have enacted laws that do not require the recording of an assignment, right?  [pretty sure it's a uniform law].  Further, YOU ARE NEVER REQUIRED TO RECORD A LIEN.  Let me say this again and as plainly as is possible, YOU ARE NEVER REQUIRED TO RECORD A LIEN.  Rather, the recording acts have been established to inherently punish those who sit on their hands, meaning if you fail to record and another lien is filed before yours, then you're SoL.  If you want to participate in the recording acts and have the state protect your lien, then you need to record and pay the applicable fees, if any.  See this post, http://www.zerohedge.com/article/nc-register-deeds-jeff-thigpen-takes-mers-questions-if-county-owed-millions-titles-compromis

Further, another interesting tidbit that most people overlook and to state this a different way...  even if the mortgage has been executed in such a way that prohibits it from being formally recognized by the county recorder (e.g. improper notarization), it is still likely enforceable as to the mortgagor.  The only difference being any intermediary liens filed affecting priority... 

In short, no state or county is entitled to a recording fee unless and until someone decides to ask the state to protect the priority of their lien...  but a failure to record does not render the lien void...  rather, it merely casts it to the bottom of the totem pole of priority.    

GreenSideUp's picture

OK then, why is my TBTF mortgage servicer now (just since the fraud was exposed) falling all over itself to get me to re-fi? 

MachoMan's picture

Because it cures an incredible amount of ailments...  e.g. chain of assignment issues, possibly securities issues, and churns re-fi fees...  none of which have anything to do with some alleged debt to any state or county for recording fees...

cranky-old-geezer's picture

A state AG supporting any kind of across-the-board settlement allowing banks to bypass county courthouse recording requirements is committing treason against that state.

Thankfully a state AG's support of such a settlement isn't binding on state and county courts.  Judges may still require traditional courthouse-recorded chain of title to allow a bank to foreclose, and may dismiss a foreclosure action if said chain of title cannot be proven or contains fraudulent documents.

County Court Judges are the only line of defense against bank foreclosure fraud.  If County Court Judges don't put a stop to it, then everybody's screwed.

In states where a court order isn't required to foreclose, the legislature is the only line of defense. If the legislature allows banks to get away with it, then eveyone in that state is screwed.

MachoMan's picture

What the hell are you talking about...  First, the AG settlement was regarding consumer protection laws and specifically reserved a determination on the issue of fraud.  Second, any decision by the AG IS binding on the state and its arms.  Third, any decision by the AG does not affect any private rights or causes of action, meaning individuals who have been the victims of foreclosure fraud (victim being used loosely here given the default of the note) may still pursue causes of action in the appropriate courts.  Fourth, in non-judicial states, the court is still the only line of defense.  A legislature is never a line of defense in our checks and balances system given the legislature has no authority to enforce its laws.  In other words, if something in a non-judicial foreclosure was improperly performed (notice for example), then the victim (again, loosely used) may seek remedy in court...  a lobby to the legislature may only affect the applicable law to prospective foreclosures...  and even then it is only as good as the law enforcement community cares to enforce (e.g. the AG).

michigan independant's picture

The Valley of the dry bones is the fly over states. The seal is in the forehead and not upon it. As for me I will obey the statutes in the one Book. Famine of the word is the only issue I see and the cost of it. This will pass for some, as I pray for rain in due season. Just another penny to scrape the last meat off the bones of the taxpayer with a Gun in his face. Forgive them for they new what they did, and for those who did not they must suffer since also they turn away from seeking justice. As my Father warned me Justice is not for the Common Man since the legal sytem has nothing to do with Justice. The Spirit of this age smiles with contempt for the People who only fear his wisdom. Many know the color of the horse and the wise gatekeeper must awake. 

MachoMan's picture

So what are we really hoping for here?  It seems like so much of this is like a dog chasing a car...  it's fun as hell to do, but what happens when you finally catch it?  In the end, are we just really complaining that we're not getting a bigger slice of the pie?  How does that viewpoint coincide with a shrinking pie?  If a jubilee/debt forgiveness occurs, does that fix devaluation?  Does that allow us to continue with entitlements?  What happens when we finally catch the car?

Seasmoke's picture

first thing, is too lift your leg and take a long piss

Widowmaker's picture

End the FDIC, the systemic enabler of fraud through false confidence and government collusion to steal your money, sticking the taxpayer with the bill.

MachoMan's picture

Don't worry, its insolvency will kill it...  with each increase in capital reserve requirements, the FDIC and other guarantors become less and less viable...  and they're coming...  either via regulation or via market forces/entrepreneurship.  What is it going to do, ask for 10 years in advance on premiums this time around?  Good luck with that shit.

Bansters-in-my- feces's picture

Sheila Bair needs a good bitch slapin just for mentioning it.

ThirdCoastSurfer's picture

God I'd love to know how a news show article has any influence on, what is it called, secularism? The legal, political and varied vested interests that actually create agendas. Am I supposed to believe that popular opinion has any sway? What happens, does someone conduct a survey and if 51% respond with indignation then courts and congress and  fresh K-Street fundings all rush to appease the great unwashed? Does a flood of phone calls of indignation to C-Span and interns at phone banks spur action? Still, somehow these events do spur action, as if planned in advance to placate a nervous public unsure if their patriotism matters,  like the Veteran's medical care scandal that had flags waving and guns shooting declaring that the public had spoken! But we all know money that buys votes through advertising is the only thing that drives politics and unless the "polls" consist of a list of those considered "very influential people" whose only means of knowledge is from "60 Minutes" it boggles the mind to think that the dog ever wags the tail when money, power and influence on a national scale is involved.  Still, with all that said, God Bless America and Zero Hedge as there is no doubt that we are free to complain, at least they find you and plant child porn in your cloud. 

MrBoompi's picture

Fuck the "economic rebound" which is basically just a payoff for the banks anyway. Fuck this "fund". If the banks can't prove they own any piece of property and try to foreclose, let them go suck a rotten goddamn egg, which is more than they deserve.

Akrunner907's picture

Yeah, there isn't going to be fanfare that some think.   It will be a fluff piece to appease the public.  Kind of like the movie, "Inside Job."

Boxed Merlot's picture

a large clean-up pool funded by the banks that would pay homeowners to accept a bank's ownership claim without a lawsuit is necessary...


The banks have become the de facto government.  What part of the bank funded pool didn't first originate from the labor of the citizens from whom they continue to steal?  As was stated before, the fed conjures up ciphers from ether and assigns them to these banks. This does nothing but further devalue the previous number in circulation.


1 Thessalonians 5:3 (New American Standard Bible)

 3While they are saying, "Peace and safety!" then destruction will come upon them suddenly like labor pains upon a woman with child, and they will not escape...


I fear the offspring of the conjugal relationship between the fed and treasury will arrive only after more distress.  Let's hope the progeny will be less deceitful than the parents.




Fred Hayek's picture

Even if it has a truthful point of view, it will be superficial.

Anything you know anything about that becomes the subject of a 60 Minutes piece seems like it was covered by a 10 year old with an abnormally short attention span.  They simply do a terrible job the great majority of the time.  Talk about an institution coasting on its reputation.

Seer's picture

Let me get this straight, criminal offenses are now going to be tax writeoffs?

Sorry, no bribes.  Lock them all up and throw away the key.  A society that would accept such criminal activity has all that's coming to it.

James's picture

Seer says - A society that would accept such criminal activity has all that's coming to it.

Seer, do you know how to type that in a 2 inch font?




Zero Govt's picture

Robo-signers paid (by big bankers) to fake being bank vice-presidents and sign false documentation... Barney Frank and Chris Dodd (who have over-seen this systemic fraud on their watch) will be very 'surprised' at this 60 Minutes piece and no doubt up in arms at the injustice and criminality of it all... our US Govt superheroes Barney and Chris to the rescue right?

fallst's picture


Your link didn't work, but Thanks.

Nice Try, Ms. Blair. Obummer kept this POS, as well as other key POS. He is destroying the Democratic Party.

Change you can believe in? I thought you run for Mayor or Governor first. Why this fast track to Power?

Slick Willey is teaching GrassHopper...

chunga's picture

I fixed the link...sorry about that. Speaking of Slick Willie I vaguely recall a 60 Minutes puff piece on Whitewater Development Corp., The Rose Law Firm, Castle Grande, etc. That deal had a lot of similarities to what's going on now. The biggest difference is our problem now is exponentially larger then Madison Guaranty Savings and Loan.

victor82's picture

Dude. The Banksters wanted him where he was. He is an obedient poodle, nothing more.

chunga's picture

If they leave everything on the cutting room floor I will never watch television again. If you look through Lynn Szymoniak's website your eyes might pop out.

Fraud Digest

Tomorrow could be a good day for bank haters. George Babcock (Fight Club Lawyer) will be on Power Talk Radio 12:00 - 1:00 EST

Imminent Crucible's picture

Sheila Bair thinks a giant fund is necessary to bribe homeowners to accept a bank's bald statement that they're entitled to the mortgage payment without legal proof? Because the bank shredded the note, knowing that it contained incriminating information? Insane.

First of all, "funded by the banks" is a lie.  The banks don't have capital, and like all corporations, they pass on costs to the end users. In this case, the Bribe Fund will be funded by the Fed, with the ultimate costs devolving on the taxpayers.

So all of us will have to chip in to create a big slush fund to bribe people not to contest the bankster's claim to their house?  I don't think so.

SwingForce's picture

Yes, ridiculous, what was TARP supposed to be? I doubt the taxpayers will ever back a multi-billion dollar fund if it has to do with banks. They blew it.

kaiserhoff's picture

Well, which is it?  In two paragraphs, Sheila is quoted as saying the fund should help people stay in their "homes", and help them move out!  God I miss freshman rhet, when a college degree meant at least a nodding acquaintance with logic.

Urban Roman's picture

+1 Executive Bonus, funded by the banks.

treemagnet's picture

Pelley?  Why not Ms. Stahl?  I thought we were after maximum incredulous,"pollyanna-ish", babe-in-the-woods, how can this be "reporting"!?  Damn it, we need a reporter that can hold the sheeples attention until the first "follow the fucking green path" financial commercial.  Who's gonna watch that will give two shits come Monday?  You?  Me?  Shit - we're already outraged and wheres that gotten us? 

Fred Hayek's picture

Leslie "I've always wanted a last name with two syllables" Sta-ahl?!  I can't remember her ever doing a good hard hitting news piece.  Ever.  She never gets to the heart of the matter.  Never follows through.  She seems to think we serfs are just supposed to luxuriate in her voyage of exploration, one that typically never gets out of the harbor. 

ArsoN's picture

Willing to bet this will be same dumbeddown soft-hitting fluff as we saw on HFT.  


James's picture

60 minutes you say? Try 35 minutes of show and another 25 minutes of advertisement. Boring!

Awaken the sheeple?

The sheeple make Rumplestilskin look like he took a nap.

This "show" is to asuage those that are awake and pissed off, hoping against hope that the cuffs FINALLY come out.

ALL 50 state AG's won.t do a damn thing in the end, let alone Bammys' Holder.

Does'nt GE (We bring good things to Fukushima) own CBS?

Sorry, I won't be watching as I took a 12 gauge pump to my TV.

Nor would I even contemplate buying ANY Real(?) Estate with messed up titles. Let the banksters have 'em. Antropys' a bitch.

Drag Racer's picture

good potential to get some real info out. lets hope the spin is not overshadowing...


the paid shills are expanding...


Ying-Yang's picture

Great news, will spread the word to watch.

grunk's picture

The segment will be sponsored by Citigroup.

SparkyvonBellagio's picture

I think it's time for some payback.

These Guys are Worst then Rapists/Murders,,,, Why?


Rapists/Murders (though it's horrible and truly tragic) only PHHHHHUCK WITH A HANDFUL.



I smell a Gold/Platinum ALLTIME WORLD RECORD.

Don't mess with the legitimate small town banks and hard working souls.