'60 Minutes' tonight,


was perhaps the most important news show I've ever seen, and I've seen a bunch. They showed how the mortgage companies in the US don't legally own the titles they hold, if they have been transferred, as MOST of them have, by the 'mortgage mills'. This is HUGE. It won't hold up in court, as all these morts, ( and over 1/4 in the US are 'underwater'), are adjudicated, cuz the signatures have been 'faked', as 'signing mills' did tens of thousands per day, and legal ownership can't be proven. It won't hold up in court! This is disastrous for the mortgage companies in the world, and is just a matter of time, 'til the lawyers make their cases.  And 'new sales' will be killed, cuz they won't be able to get title insurance which is vital to the mortgage industry. You don't legally have to pay your mortgage, and they can't legally kick you out, and house values will get even worse.  More people will realize this, each month, as they are about to be evicted, and the lawyers will jump all over it. If you don't understand this, you will, eventually. Check it out, on '60 Minutes', tonight. Again, I'm only the messenger... This will gradually become commom knowledge, and will be disastrous, in a market that is already in deep trouble. Just when you think it can't get worse....

Comments

Anonymous said…
So what shoud we do?
6:07 PM
Fam Guy said…
No idea. I don't have a mortgage so it dosn't really concern me, directly, but it will, as the financial world changes. Won't be immediate, at all. Will take a while, but will be HUGE, long term.
6:12 PM
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