In this one-hour video, Attorney John E. Campbell explains the main aspects of the mortgage crisis that has devastated the U.S. housing market and the economy.
This video was produced by John Campbell and Erich Vieth, who are both attorneys with the Simon Law Firm in St. Louis, Missouri. A substantial part of their law practice concerns issues pertaining to mortgage fraud and unlawful foreclosures. They have filed numerous individual and class action lawsuits on behalf of behalf of homeowners.
This video is divided into the following sections:
I. The Big Picture and its Many Parts (:55)
II. Banks Flood the Market with Subprime Mortgages (3:54)
III. Banks, Securitize their Mortgages (10:05)
IV. Banks Cry for a Bailout (13:57)
V. Wall Street Malfeasance (16:54)
VI. Foreclosures, Robo-Signing, Trustees and Conflicts of Interest (18:20)
VII. MERS (“Mortgage Electronic Registration System) (33:45)
VIII. The Mortgage System Used to Work (43:42)
IX. Credits and Further Readings (52:43)
It is their intent to offer a video for both lawyers and non-lawyers that presents an overall picture of an area of law that has, especially over the past decade, become intimidating in its complexity. If this video inspires you learn more about the mortgage industry, including bank misconduct, securitization and foreclosures, you are invited to explore the websites of these three excellent organizations:
Center for Responsible Lending http://www.responsiblelending.org/ (start with the “Mortgage Lending” tab on the home page.
National Consumer Law Center. http://www.nclc.org/
National Association of Consumer Advocates. http://www.nclc.org/
Wikipedia also offers many articles to get you started, including the following:
For an especially good explanation of MERS (“Mortgage Electronic Registration Systems, Inc.”), see “Two Faces: Demystifying the Mortgage Electronic Registration System’s Land Title Theory,” (2011) by Law Professor Christopher Peterson. http://papers.ssrn.com/sol3/papers.cfm?abstract_id=1684729
Duration : 0:52:54