Foreclosure Mess Not Going Away

I am so outraged that the common hardworking families are being tossed out of their houses or forced to leave because of SOME banks. More and more people lose their jobs and can't afford to keep their homes. Yet, bank execs are keeping their jobs even though this is a well known practice. When I bought my home I had to have 80,000 forms of proof to be approved for the loan. I feel there needs to be tougher laws against the people committing  these crimes. They are destroying peoples lives and getting bonus checks for doing it.

Banks profit by processing a vast number of homes into foreclosure as quickly as possible. But as "60 Minutes" details, many of the mortgages at issue were bundled and sold from one Wall Street investor to another during the housing boom, with scant attention paid among financial players to the actual underlying ownership documents. And as the foreclosures unwind in a slew of court proceedings nationwide, many banks have produced dubiously rendered legal documents that seek to shore up the ownership paperwork long after the original mortgage transactions were on the books. In some cases, financial institutions paid contract companies who employed an army of "robo-signers"—office workers who forged signatures on mortgage documents that were then used to initiate foreclosures.

By Zachary Roth

http://news.yahoo.com/s/yblog_thelookout/20110404/bs_yblog_thelookout/the-foreclosure-mess-isnt-going-away