CBS 60 Minutes: The Next Housing Shock

This is a good expose on the mortgage robo-signing scam, but I find it disgusting that the CBS reporter let FDIC Chairwoman Sheila Bair off the hook by declaring the mortgage process "sloppy."  It's forgery and intentional fraud, plain and simple.  Yet, guilty banks will probably get a slap on the wrist:  a fine and no admission of guilt.  No bank executives will go to prison.  It's just another egregious example of how the whole banking industry is polluted.

And people wonder why Bair is leaving this sinking ship.  Perhaps she'll land a job in JPMorgan's mortgage lending division.  Amerika, wake up.


http://www.cbsnews.com/video/watch/?id=7361572n