On April 14, 2011 By Karl Deeter In mortgagesWith 2 CommentsTags: 60 minutes, cbs, housing shock CBS 60 Minutes: The next housing shock USA
Karl, this immediately reminded me of an article in the Irish examiner on January 17 th ( looked it up!)
where a couple in Munster who borrowed from A.I.B found that the bamk had forged documents to claim it held a security over their property. Altered documents were produced by bank.
Same stuff might be happening here?
Who are people to blame? The regulatory agencies? The rating firms? The federal legislators? The Fed? The banks, especially Goldman Sachs? The list goes on and on.
Expect nothing good to come of this until the economy in the U.S. and elsewhere turns around. We live in Calgary (Canada) so we missed almost all of the downturn. And in the last six months–thanks to the oil sands–prices returned to 2008 levels. However, we have family in the United States that have and continue to lose money on property bought in 2009.
I have only one question. Why has no one, to my knowledge, gone to jail? Not only have they escaped prosecution, they have actually prospered. What’s the lesson? I have a one answer. Do not expect justice in this life.