60 Minutes and the foreclosure crisis: What Sentinel readers already knew

03-31-2011 • The Hallmark Abstract Sentinel

The foreclosure crisis, MERS, issues of standing, robo-signing, fraudulent notarizations and more! This Sunday on "60 Minutes" Foreclosures  As more and more Americans face mortgage foreclosure, banks' crucial ownership documents for the properties are often unclear and are sometimes even fraudulent - a condition that's causing lawsuits and hampering an already weak housing market. Scott Pelley reports. 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 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.