60 Minutes | Foreclosure Fraud Featured this Sunday on 60 Minutes

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Foreclosure Fraud Featured this Sunday on 60 Minutes

Spread the word everyone...

This
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

CBS
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

 

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