60 Minutes Investigates Foreclosures

Posted on April 4, 2011 at 12:35pm by

The mortgage crisis is far from over. 60 Minutes takes a new look at the state of the foreclosure crisis, interviewing homeowners, a regulator and so-called robo-signers, who approved thousands of foreclosure documents daily without reading them.

“It was just a matter of cutting corners,” Sheila Bair, chair of the Federal Deposit Insurance Corporation, tells CBS’ Scott Pelley.

Home prices continue to fall, and record numbers of homeowners continue to lose their homes to foreclosure. Worse, the crucial documentation that should help organize this mess often makes matters more complicated, as homeowners and investors claim that banks botched or forged paperwork, raising concerns that many homeowners have been wrongfully kicked out of their homes. Full article