TARP Watchdog November Report

Kaufman delivers at the 1:20 mark.  Start watching there.

Video:  New TARP COP Sen. Ted Kaufman

Not quite the same as Elizabeth Warren delivering the monthly update...

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Check out the TARP COP website

Examining the Consequences of Mortgage Irregularities for Financial Stability and Foreclosure Mitigation

Full report pdf is here...

The Congressional Oversight Panel's November oversight report, "Examining the Consequences of Mortgage Irregularities for Financial Stability and Foreclosure Mitigation," reviews allegations that companies servicing $6.4 trillion in American mortgages may in some cases have bypassed legally required steps to foreclose on a home. The implications of these irregularities remain unclear, but it is possible that "robo-signing" may have concealed deeper problems in the mortgage market that could potentially threaten financial stability and undermine foreclosure prevention efforts.

In the best-case scenario, concerns about mortgage documentation irregularities may prove overblown. In this view, which has been embraced by the financial industry, a handful of employees failed to follow procedures in signing foreclosure-related affidavits, but the facts underlying the affidavits are demonstrably accurate. Foreclosures could proceed as soon as the invalid affidavits are replaced with properly executed paperwork.

The worst-case scenario is considerably grimmer. In this view, which has been articulated by academics and homeowner advocates, the "robo-signing" of affidavits served to cover up the fact that loan servicers cannot demonstrate the facts required to conduct a lawful foreclosure. The risk stems from the possibility that the rapid growth of mortgage securitization in recent years may have outpaced the ability of the legal and financial system to track mortgage loan ownership. In essence, banks may be unable to prove that they own the mortgage loans they claim to own.

Read reaction to this report:

• Robo-Signing Foreclosure Scandal Could Threaten Financial Stability, Government Watchdog Warns

Comments

[DailyBail]

http://cop.senate.gov/

the tarp website is excellent..if you've never seen ti you should check it out...

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