“Produce the Note” Finally Bites the Banks

April 15, 2011

It was just a matter of time, but all those phony foreclosure papers banks have been using to foreclose on homeowners are coming back to haunt them.  Three years ago, CWN first told you about how you could demand your bank “produce the note” to delay or stop your foreclosure.  At the time, we learned, many lenders never kept track of the paperwork needed to prove they own your home.  Now, 60 Minutes reports on how the banks cut corners and even faked documents to try and get  your home anyway.  It’s a big mess that continues to threaten the housing recovery. Click here to watch this story by Scott Pelley.