60 Minutes covers bogus foreclosure documents

Just when you think the issues related to mortgage fraud couldn't get any worse, they do. Last night, 60 Minutes covered the story of lenders which outsourced their foreclosure process to outside firms, who in turn hired untrained bodies -- aka 'robosigners' -- for $10/hour to pretend they were officers of the banks and sign thousands of documents per day.

Only problem? Many of those forms weren't filled out correctly (often laughably so), which has slowed down the entire foreclosure process. Of course the banks which hired these firms -- companies such as Bank of America, Wells Fargo, Citibank and others -- deny any knowledge of these irresponsible practices. So who's going to jail for this huge fraud? As usual in this country, no one. They'll probably pay (another) fine and call it a day.