Yes, I watched it twice to be sure I understood what was being pulled by the banks; if this reporting is true, then there is going to be a lot of lube required by those affected. Looks like the American taxpayer is going to get it in the end too. What kind of deal are the banks going to get this time?
As I understand it, banks had forged documents to prove they were owners of those upside-down mortgages. In the heyday of easy mortgaes, having to fill out proper paperwork, was slowing approvals down too much; so to get mortgage and bundle them together to sell to investment groups, some steps were overlooked. When the $hit hit the fan and foreclosures overwhelmed them and some people started asking questions. banks were unable to provide proper documents as to the ownership of foreclosed properties. So, what did the banks do when they couldn't produce? Farmed out the procurement of said documents to LPS(?, that part lost me). This outfit 'found' the documents; LOL, but had hired high school students and others to sign them; and called the signers Vice-Presidents of various banks; even same person held vice-presidency of several banks at same time; only job requirement was they had to be able to sign a few thousand documents per day (or was it per hour?) and not have any finacial or legal experience.
Just a Canadian's comments, but wow, sure it a cluster#@*!