Winning Investigation Featured a Whistleblower Who Won $18 Million from Banks
60 MINUTES won the Gerald Loeb Business Award for Explanatory Reporting last night for a 2011 investigation into America’s housing foreclosure crisis. The Scott Pelley story was produced by Robert Anderson and Daniel Ruetenik; Nicole Young was the associate producer and Bob Shattuck was the editor.
“The Next Housing Shock” exposed how banks selling thousands of mortgages packaged by Wall Street lost track of the paperwork and resorted to fabricating documents in foreclosure cases. Pelley interviewed Lynn Szymoniak, who says a bank tried to foreclose on her without the proper paperwork. When the bank produced her mortgage papers a year later, Szymoniak, a lawyer and forgery expert, exposed the bank’s use of forgery to recreate her mortgage documents. She then became a whistleblower in lawsuits against the banks that involved the recovery of government payments to those banks. Her efforts turned into a windfall for Szymoniak; her whistleblower share of the money recovered was $18 million.
Watch “The Next Housing Shock.
Established in 1957 by Gerald Loeb, a founding partner in E.F. Hutton, the Loeb Awards are among the highest honors bestowed on business journalism. The Anderson School of Management at the University of California at Los Angeles has presented them for the past 39 years.
Jeff Fager is the executive producer of 60 MINUTES.
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