Foreclosure Fraud: 6 Things You Need To Know About The Crisis That Could Potentially Rip The U.S. Economy To Shreds
#1 According to the Associated Press, financial institutions were hiring just about whoever they could find, including hair stylists and Wal-Mart employees, as "foreclosure experts" to help them rush through the massive backlog of foreclosures that were rapidly piling up.
#2 There is soon going to be a colossal legal scramble to figure out who actually owns millions of U.S. mortgages.
#3 Legal battles over foreclosure documents could soon spawn thousands upon thousands of lawsuits across the United States.
#4 The problems with foreclosure paperwork may be more widespread than anyone would have dared to imagine.
#5 If some banks discover that they are missing the paperwork for large numbers of mortgages (as is currently being alleged), those banks could be forced to significantly revalue those assets (as in "close to zero") on their balance sheets.
#6 Renowned investor Jim Sinclair is actually warning that the collapse of securitized mortgage debt could be the "final shot" that will wipe out many financial institutions across the United States.
Read more:
http://theeconomiccollapseblog.com/archives/foreclosure-fraud-6-things-you-need-to-know-about-the-crisis-that-could-potentially-rip-the-u-s-economy-to-shreds
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