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.
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...