Wednesday, August 10, 2011

Mortgage paperwork mess: Next housing shock?

(CBS News) This story was first published April 3, 2011. It was updated on August 2, 2011.

Home prices have been falling for months, sending us into a second housing shock. Home values are almost down to what they were back in 2002. A key factor bringing down prices - and holding back the recovery - is the huge number of foreclosed houses.

Many of them are stuck on the market for a reason that you wouldn't expect: banks can't find the ownership documents. It's bizarre, but it turns out that Wall Street cut corners when it created those mortgage-backed investments that triggered the financial collapse.

For the rest of the article go to:

http://www.cbsnews.com/stories/2011/08/07/60minutes/main20086862.shtml?tag=contentMain%3BcbsCarousel

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