"60 Minutes" on April 3, 2011
"The Next Housing Shock" was about the huge number of foreclosed houses. The legal documents behind the mortgages frequently are not there. People facing foreclosure frequently meet in convention centers (LA: 37,000 people). Neighborhood Assistance Corporation of America sponsors these meetings. About half do get re-negotiated lines. Talk with Lynn Simoniak about paperwork issues. Her mortgage had been bundled. Bank had lost assignment of mortgage, then found it. We sued her in July 2008 and acquired mortgage in October 2008. Strange signatures: name of Linda Green. Linda Green was vice-president of 20 banks. In 2003, Linda Green was a shipping clerk, and then got a job with DOCX. Chris Pendly worked at DOCX and signed as "Linda Green." Chris was paid $10/hour. 350 signatures per hour. An example document included the words "Bogus Assignee." Also a bad bene. Wells Fargo, HSBC, Bank of America, and Citi were involved in the problem, but said they farmed out the work. DOCX was owned by LPS. Now there are "foreclosure ghettos," where houses can't be moved for lack of proper paperwork. There was an issue of banks paying into a cleanup fund. This would need to be billions of dollars. Pelley noted no banks would talk to "60 Minutes." State AGs are seeking about 20 billion dollars in damages. The story ended with a link to "overtime", discussing a way to determine "who owns your mortgage."
The second story (in two time segments) was on "Gospel for Teens," about Vy Higginsen who created a Harlem project to preserve the art of singing gospel.
**In passing, on employment issues, see Why the Middle-Aged Are Missing Out on New Jobs