4 Apr 2011 3:39 pm
Interesting segment on 60 Minutes last night:Mortgage mess: Who really owns your mortgage?An epidemic of forged and missing mortgage documents.Do you know who really owns your mortgage? As Scott Pelley reports on "60 Minutes" this week, that question has become a nightmare for many homeowners since the invention of mortgage-backed securities. Yes, those were the exotic investments that sparked the financial collapse in this country. And the're still causing problems.As it turns out, Wall Street cut corners when it bundled homeowners' mortgages into securities that were traded from investor to investor. Now that banks are foreclosing on people, they're finding that the legal documents behind many mortgages are missing. So, what do the banks do? As Pelley explains in this video, some companies appear to be resorting to forgery and phony paperwork in what looks like a nationwide epidemic.Even if you're not at risk of foreclosure, there could be legal ramifications for a homeowner if the chain of title has been lost.Watch Scott Pelley's Report here.Banks actually used a company called DocX, who paid people $10 an hour to sit and sign phony names on phony mortgage documents.Financial institutions have been perpetrating massive, systemic fraud. When does someone go to jail? Edited by MistyBlue, 04 April 2011 - 03:39 PM.