BRAVO! Landmark Media Enterprises LLC’s KLAS-TV 8 News NOW in Las Vegas, NV aired a compelling and informative BUYER BEWARE news story this week exposing the massive REO bank fraud found throughout Nevada, including the home of the very news anchor reporting the story. “If the house you bought was ever in foreclosure there’s a strong chance you have a problem,” said anchor George Knapp.
For the complete video news story click here.
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.
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.
If the big banks want to know what sparked the Occupy Wall Street movement, which spread to more than 70 cities, including Las Vegas, they should look in the mirror. High stakes gambling by the banks, using mortgages as securities, inflated the housing bubble, and then popped it, which unleashed economic chaos that has laid waste to homes, businesses, and lives. Government regulators watched it unfold, which is why angry Americans believe the deck is still stacked in favor of the “banksters”.
This isn’t isolated in the mainland United States, it’s all across the country including Hawaii and Alaska.
“I have never seen a fraud scheme that was so extensive, so pervasive, and had so many different areas of fraud throughout the machine. I have yet to see a single aspect of the banking industry that does not have fraud in it,” said Nevada Deputy Attorney General John Kelleher. For the complete news story video click here.
If you bought a house that was ever in foreclosure, no matter how many times it has changed hands, you need to check the paper trail. You may need the help of an attorney to find potential problems once you get the paperwork.