60 Minutes Segment on Mortgage Fraud - Unbelievable!!!

By
Real Estate Appraiser with North Country Appraisal Services

I received the following from an appraisal organization in Illinois.  One must stop and wonder, at what point will the lenders be held accountable?  The lenders claim they are not to be held accountable since they contracted the work out.  This is akin to a broker not being responsible for the actions of their agents.  The public needs to know this!!!

http://www.cbsnews.com:80/video/watch/?id=7361572n&tag=contentMain;cbsCarousel

Comments (3)

Jason E. King
J. King Real Estate, Inc. - Columbia, SC

Richard,

  I agree that the lenders need to take responsibilty. If all of the foreclosures would go through, the market would crash but recover a lot faster. If the banks do not know who owns the note, this can not happen. It is crazy about all of the fraud that is still out there.

Apr 05, 2011 03:02 AM
Peggy James
SAMSON PROPERTIES - Woodbridge, VA
Woodbridge Virginia Area Real Estate Specialist

I wonder who got to CBS, it appears they took the story down. ?

Apr 05, 2011 11:14 PM
Ronald Gillis
Southwest Florida Notaries (Mortgage Notary Signing Agent) - Port Charlotte, FL
CNSA Southwest Florida. Notaries, Port Charlotte, 941-7-NOTARY

No, the story is still there Peggy, PLEASE watch it, it is a small part of what is happening, but people need to know!  BTW, Lynn Szymoniak is a terrific person with a heart of gold! Awesome woman!

Oct 07, 2011 05:57 PM