In case you missed the 60 Minutes story on the foreclosure crisis, here it is!
Introduction to the foreclosure crisis
From an article here last week, Hallmark Abstract Sentinel readers knew the following:
"... Readers of The Hallmark Abstract Sentinel are well aware of the crisis that is currently consuming the housing market in the form of foreclosures that can't get done or that may have gotten done and face reversal.
Why? It all comes down to paperwork done incorrectly and a small company in size, but huge in impact by the name of Mortgage Electronic Registration System or MERS. As we have discussed here in the past, questions have arisen concerning the rights of the party's trying to foreclose on a property to actually do so. This is a question of legal standing.
As a result of the legal issues surrounding foreclosures the process has been slowed to a crawl and in some cases halted all together. This has had the effect of maintaining a huge shadow inventory of property's that at some point in the future will be taken back by the lender and have to be sold..."
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