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Tuesday, November 16, 2010


"Against this backdrop of stark uncertainty, the Senate Banking Committee is holding a hearing Tuesday that will include testimony from Bank of America and JPMorgan Chase, two of the banks at the center of the turmoil. "


Some of this stuff is really funny.

"In prepared testimony, Bank of America said it was streamlining the process for borrowers fighting foreclosure." 

They didn't mention that they are streamlining them towards foreclosure

By Ariana Eunjung Cha
The witness list for the first congressional hearing focused on the foreclosure crisis, to be held Nov. 16 at 2:30 p.m. before the Senate Banking Committee, is out.
The list includes two company officials -- Barbara Desoer, president of Bank of America Home Loans, and David Lowman, chief executive of Chase Home Lending.
Also testifying are Tom Miller, the attorney general of Iowa, who is leading the 50-state investigation into the issue; Adam J. Levitin, the Georgetown University law professor who briefed Citigroup analysts who wrote a research note last month about the problems with paperwork in securitized mortgages that shook up Wall Street; and Diane E. Thompson, an attorney with the National Consumer Law Center who wrote a much-circulated report on why mortgage servicers foreclose when they should modify loans.
The House financial services committee will hold a separate hearing on "Robo-Signing, Chain of Title, Loss Mitigation and Other Issues in Mortgage Servicing" on Nov. 18.

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