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* UNDERWATER

Desert Underwater: Who Owns Your Home?

Posted: Nov 17, 2011 9:35 PM CST Updated: Nov 18, 2011 1:22 PM CST
By George Knapp, Chief Investigative Reporter – bio | email
By Matt Adams, Chief Photojournalist – email

desert-underwater-who-owns-your-home?autoStart=true&topVideoCatNo=default&clipId=6467001

LAS VEGAS — The foreclosure crisis has several causes, but government investigators now believe that high risk gambling by major banks is mostly to blame for the economic meltdown. Millions of Americans who played by the rules and paid their bills have lost their homes because banks and their service providers cranked out mountains of bogus mortgage documents.

In Nevada, tens of thousands of homeowners are in for a big surprise — they don’t really own their homes because the paper trail was corrupted from the beginning. And if the house you bought has ever been in foreclosure, there’s a strong chance you have a problem.

We’ve heard over and over how the government’s insistence that banks provide subprime loans so poor people could get mortgages is the primary cause of the meltdown. Subprime loans are a part of the problem, but only a tiny part. For the most part, the people who have lost, and are still losing their homes, did everything right and still got screwed.  Read more…..

and check out this video:
desert-underwater-who-owns-your-home?autoStart=true&topVideoCatNo=default&clipId=6467001

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March 19, 2012 - Posted by | Foreclosures, Market Statistics, Miscellaneous

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