Mortgage Crisis in a Nutshell
Published on Apr 21, 2012 https://www.youtube.com/watch?v=YBbwb6Sv4PM&app=desktop 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 (along with Alicia Campbell) at Campbell Law, LLC in St. Louis, Missouri. http://campbelllawllc.com/ John is also on the faculty of Sturm College of Law at the University of Denver. A substantial part of their law practice concerns issues pertaining to mortgage fraud and unlawful foreclosures. The attorneys of Campbell Law 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)
Erich Vieth
John Campbell
CAMPBELL LAW, LLC
1500 Washington Avenue
Suite 100
St. Louis, MO 63103
Office: 314.588.8101
Fax: 314.588.9188
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:
http://en.wikipedia.org/wiki/Mortgage...
http://en.wikipedia.org/wiki/Mortgage...
http://en.wikipedia.org/wiki/Recorder...
http://en.wikipedia.org/wiki/Trust_de...
http://en.wikipedia.org/wiki/Foreclosure
http://en.wikipedia.org/wiki/Mortgage...
http://en.wikipedia.org/wiki/Mers
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.cf...
All Comments
cdimmm 4 weeks ago
how about the FACT the bank never lent you anything to begin with.
Erico Shimatta 8 months ago
This video was really helpful and explained the mortgage crisis in a very good way. I want to see more videos with this man and I'd even want him as my teacher in economics!
Steven B Harkness 9 months ago
Very good explanation but there was allot left out or not gone into deep enough. We should of broken up the to big to fail banks when we had a chance but our bought and paid for Congress (by the very same banks) missed the chance to set things straight. Instead we now have what Congress is calling a rogue agency in the Consumer Finance Protection Agency. If it was named after what it really does it would be called the: Business as usual for the Mega-banks and the tax payers are on the hook like never before Agency. Part of the Wealth Extraction that has taken place in this country for the past two and a half decades now.
Ann Grigoryan 1 year ago
amazing lecture.... very simplified for the regular joe
Andrew Dianiska 1 year ago
pretty good analysis-- a couple of quick notes from a loan portfolio trader who was in the room-- the Street conduits [aggregators & securitizers of loan pools- Lehman's Aurora, Goldman's Littman] actually created a market Demand for exotic loans [SISA/ NINA piggyback Pay-Option ARMs] by offering up to 108% face value over 103% for traditional A paper-- Bill Dallas/ OwnIT mortgage noted that he finally caved to their Demand bc he couldn't keep declining 5 points on his BILLION a month production [5%/1Bn= $50Mn]. Street firms would then take out CDS to improve risk profile to get AAA/aaa+ [not to mention inherent Conflicts of Interest in Sell side ratings] and then repackage the "B pieces" into CDOs [w/ CDS] until they got the holy grail- AAA/ double digit ROI security okay for sale to Pension Funds, the ultimate target market all along.
Freddy Bee 1 year ago
Thanks for showing one of the many faces of this complex system. Others sides are the "Trustees" with Goldman, the insurance from AIG. Even the building material suppliers were making a quick dollar (Chinese dry wall). My a/c handler when out a couple of days ago, and the repair said that this was a common problem with units built around the same time period. They couldn't keep up with demand so they started building them on the cheap. Moral of the story - Only so many hands can fit into a cookie jar, until you have to break the jar.
ohappypanda1 1 year ago
Wonderful video. Interested to know what his thoughts are with the present day housing market - overpriced homes v. slow salary increases. Even though the banks have tighten up their ability to give out loans, hardworking, honest home buyers still suffers because now they cannot compete against cash buyers, usually ones from outside of the U.S. And of course, as a seller, why lower the price if there is cash to be had? These cash buyers purchase these properties just to resell them or increases rent to recover the high costs plus profits.
Lisa OHanlon Shared on Google+ · 1 year ago
G Mason 1 year ago in reply to gorgeousdzastr
Read researched and understood and agreed..still I feel as though I'm close to uncovering the formula on how to obtain a house or family specific PROPERTY without a 30yr false nus or a large sum of "MONEY"..Or any..beside a signature or the like..
shawn sullivan 2 years ago
Very good presentation! excellent job!
Cyndi Lee 1 year ago
read the newly written paper THE SHELL GAME by Robert Janes - google it - excellent education. Keep up the great job John Campbell!
gorgeousdzastr 1 year ago in reply to G Mason
I see with your studies, you may already have seen with open eyes... Sir Edward Coke was a genius. Along with William Blackstone on the Commentaries on the Laws of England. "Usufruct" <study it too...
G Mason 1 year ago in reply to gorgeousdzastr
I SAW IT WAY BEFORE THIS AND WAS LIKE MY MIND HAD BEEN BLOWN..I'm trying to figure out how to get a house without getting ripped off or for taxes or a claim for which the bank created Merg can't fight..
James Murphy 2 years ago
I am often asked who is responsible for the mortgage crisis. The answer is we all were.From the Loan Officer to the Appraiser. Joe really did know what he was getting into. There was a lot of bad thing happening with exotic loans & shady lenders, but Joe knew and he was okay with it.In his mind, by the time the payment caught up to him, he was going to sell that house for a large profit anyway...an idea that was spoon fed to him by his Realtor. Many people forget that. Thanks for making this -
lotTheo 1 year ago
Great Job!
amicusman1 2 years ago
Another pretender defender, I bet has NEVER gotten a homeowner financial compensation and/or their home free & clear.
G Mason 1 year ago
It is taken from him for ever, and so dead to him upon condition, &c. And if he doth pay the money, then the pledge is dead as to the [mortgagee]." This etymology, as understood by 17th-century attorneys, of the Old French term morgage, which we adopted, may well be correct. The term has been in English much longer than the 17th century, being first recorded in Middle English with the form morgage and the figurative sense "pledge" in a work written before 1393.
TejasM14 2 years ago in reply to James Murphy
And finally there was willful deception from the banks multiple times. Which was never the case with our average buyer joe. That is why the banks are now being sued for the largest joint federal-state settlement ever in US history. These banks represent the lowest form of ethics in any form. It is a pity that the sheep in america still believe in a failed government.
HutRadio1 2 years ago
Bottom line is this. These scumbag servicers MUST be jailed for CRIMINAL activity.
warrior5502 2 years ago
Sound like a lot more people should be in prison for fraud.
This video was produced by John Campbell and Erich Vieth, who are both attorneys (along with Alicia Campbell) at Campbell Law, LLC in St. Louis, Missouri. http://campbelllawllc.com/ John is also on the faculty of Sturm College of Law at the University of Denver. A substantial part of their law practice concerns issues pertaining to mortgage fraud and unlawful foreclosures. The attorneys of Campbell Law 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)
Erich Vieth
John Campbell
CAMPBELL LAW, LLC
1500 Washington Avenue
Suite 100
St. Louis, MO 63103
Office: 314.588.8101
Fax: 314.588.9188
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:
http://en.wikipedia.org/wiki/Mortgage...
http://en.wikipedia.org/wiki/Mortgage...
http://en.wikipedia.org/wiki/Recorder...
http://en.wikipedia.org/wiki/Trust_de...
http://en.wikipedia.org/wiki/Foreclosure
http://en.wikipedia.org/wiki/Mortgage...
http://en.wikipedia.org/wiki/Mers
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.cf...
All Comments
cdimmm 4 weeks ago
how about the FACT the bank never lent you anything to begin with.
Erico Shimatta 8 months ago
This video was really helpful and explained the mortgage crisis in a very good way. I want to see more videos with this man and I'd even want him as my teacher in economics!
Steven B Harkness 9 months ago
Very good explanation but there was allot left out or not gone into deep enough. We should of broken up the to big to fail banks when we had a chance but our bought and paid for Congress (by the very same banks) missed the chance to set things straight. Instead we now have what Congress is calling a rogue agency in the Consumer Finance Protection Agency. If it was named after what it really does it would be called the: Business as usual for the Mega-banks and the tax payers are on the hook like never before Agency. Part of the Wealth Extraction that has taken place in this country for the past two and a half decades now.
Ann Grigoryan 1 year ago
amazing lecture.... very simplified for the regular joe
Andrew Dianiska 1 year ago
pretty good analysis-- a couple of quick notes from a loan portfolio trader who was in the room-- the Street conduits [aggregators & securitizers of loan pools- Lehman's Aurora, Goldman's Littman] actually created a market Demand for exotic loans [SISA/ NINA piggyback Pay-Option ARMs] by offering up to 108% face value over 103% for traditional A paper-- Bill Dallas/ OwnIT mortgage noted that he finally caved to their Demand bc he couldn't keep declining 5 points on his BILLION a month production [5%/1Bn= $50Mn]. Street firms would then take out CDS to improve risk profile to get AAA/aaa+ [not to mention inherent Conflicts of Interest in Sell side ratings] and then repackage the "B pieces" into CDOs [w/ CDS] until they got the holy grail- AAA/ double digit ROI security okay for sale to Pension Funds, the ultimate target market all along.
Freddy Bee 1 year ago
Thanks for showing one of the many faces of this complex system. Others sides are the "Trustees" with Goldman, the insurance from AIG. Even the building material suppliers were making a quick dollar (Chinese dry wall). My a/c handler when out a couple of days ago, and the repair said that this was a common problem with units built around the same time period. They couldn't keep up with demand so they started building them on the cheap. Moral of the story - Only so many hands can fit into a cookie jar, until you have to break the jar.
ohappypanda1 1 year ago
Wonderful video. Interested to know what his thoughts are with the present day housing market - overpriced homes v. slow salary increases. Even though the banks have tighten up their ability to give out loans, hardworking, honest home buyers still suffers because now they cannot compete against cash buyers, usually ones from outside of the U.S. And of course, as a seller, why lower the price if there is cash to be had? These cash buyers purchase these properties just to resell them or increases rent to recover the high costs plus profits.
Lisa OHanlon Shared on Google+ · 1 year ago
G Mason 1 year ago in reply to gorgeousdzastr
Read researched and understood and agreed..still I feel as though I'm close to uncovering the formula on how to obtain a house or family specific PROPERTY without a 30yr false nus or a large sum of "MONEY"..Or any..beside a signature or the like..
shawn sullivan 2 years ago
Very good presentation! excellent job!
Cyndi Lee 1 year ago
read the newly written paper THE SHELL GAME by Robert Janes - google it - excellent education. Keep up the great job John Campbell!
gorgeousdzastr 1 year ago in reply to G Mason
I see with your studies, you may already have seen with open eyes... Sir Edward Coke was a genius. Along with William Blackstone on the Commentaries on the Laws of England. "Usufruct" <study it too...
G Mason 1 year ago in reply to gorgeousdzastr
I SAW IT WAY BEFORE THIS AND WAS LIKE MY MIND HAD BEEN BLOWN..I'm trying to figure out how to get a house without getting ripped off or for taxes or a claim for which the bank created Merg can't fight..
James Murphy 2 years ago
I am often asked who is responsible for the mortgage crisis. The answer is we all were.From the Loan Officer to the Appraiser. Joe really did know what he was getting into. There was a lot of bad thing happening with exotic loans & shady lenders, but Joe knew and he was okay with it.In his mind, by the time the payment caught up to him, he was going to sell that house for a large profit anyway...an idea that was spoon fed to him by his Realtor. Many people forget that. Thanks for making this -
lotTheo 1 year ago
Great Job!
amicusman1 2 years ago
Another pretender defender, I bet has NEVER gotten a homeowner financial compensation and/or their home free & clear.
G Mason 1 year ago
It is taken from him for ever, and so dead to him upon condition, &c. And if he doth pay the money, then the pledge is dead as to the [mortgagee]." This etymology, as understood by 17th-century attorneys, of the Old French term morgage, which we adopted, may well be correct. The term has been in English much longer than the 17th century, being first recorded in Middle English with the form morgage and the figurative sense "pledge" in a work written before 1393.
TejasM14 2 years ago in reply to James Murphy
And finally there was willful deception from the banks multiple times. Which was never the case with our average buyer joe. That is why the banks are now being sued for the largest joint federal-state settlement ever in US history. These banks represent the lowest form of ethics in any form. It is a pity that the sheep in america still believe in a failed government.
HutRadio1 2 years ago
Bottom line is this. These scumbag servicers MUST be jailed for CRIMINAL activity.
warrior5502 2 years ago
Sound like a lot more people should be in prison for fraud.