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Bank of America, J.P. Morgan home loan officials to testify before Congress

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.

By Ariana Eunjung Cha  | November 10, 2010; 7:07 PM ET
Categories:  Housing  
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Comments

WHY on earth would we CARE to see Sen. DODD give his crooked bankster friends an opportunity to come to "explain" their fraud in a friendly forum? Have you forgotten where Sen. DOOD got HIS VIP mortgage?

So we are supposed to attentively watch as Sen. DODD PRETENDS to actually care about the American public and the crimes being perpetrated on the public by criminal enterprises he supports and enables?

Lets put an end to the charade and fast forward to the seating of the next Congress in January. Then lets DEMAND that the new Congress grill not only industry officials, but those senior administration officials from the Justice Department, Treasury and HUD who have known about the fraud all along.

For that matter, maybe FBI personnel should be invited so that they can take the industry witnesses into custody immediately following the hearing.

I wonder if anyone actually CARES that a U.S. Bankruptcy Judge found that an attorney representing Countrywide(BAC) had made false statements under oath to his Court and that the same attorney had withheld information about the falsity of fabricated evidence from opposing counsel:

http://www.scribd.com/doc/41551941/In-Re-Hill-Memorandum-Opinion-and-Order-05-Oct-2010?in_collection=2711712

*

Nope. No need to report actual fraud found by the courts. We can report that a corrupt politician is going to conduct hearings to make inquiries about the very industry that made him sweetheart loans.

Please do NOT lose sight of your excellent investigative reporting to be distracted by those idiots!

Posted by: William A. Roper, Jr. | November 11, 2010 2:30 AM | Report abuse

I researched the prior meeting from July 16, 2009. Everything that Diane E. Thompson wrote in that article was true then, and appears to still be true 16 months later.

http://swarmthebanks.blogspot.com/2010/11/not-breaking-news-because-its-almost-16.html

Posted by: Anonymous | November 12, 2010 5:39 PM | Report abuse

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