Obama economy officials, bank execs and mortgage electronic registry head to hot seat on Capitol Hill
The second congressional hearing on the foreclosure mess -- to be held Thursday at 10 a.m. by Rep. Maxine Waters's Subcommittee on Housing and Community Opportunity -- may provide some insight into the history of robo-signing and the perhaps more serious issue of title transfers.
The very robust witness list includes representatives from the patchwork of federal regulatory agencies that share responsibility for overseeing banks. John Walsh's testimony is likely to be of special interest since he's in charge of the Office of the Comptroller of the Currency, the primary regulator of the large banks that froze foreclosures.
On the second panel, R.K. Arnold's testimony will be closely watched by consumer groups and homeowner attorneys who have challenged the validity of mortgage transfers that are tracked by MERS. The MERS issue broadens the robo-signing problem beyond homes in foreclosure to all 63 million mortgages that are tracked by the computer system.
The hearing's final witness -- Anne Anastasi, president of American Land Title Association -- will also be someone to watch. Title insurers hold tremendous power over mortgage servicers and their stocks have been hit over concerns that their business might be affected if more and more foreclosures were contested.
The Senate banking committee is holding the first hearing on this topic Tuesday.
A third hearing ("Foreclosed Justice: Causes and Effects of the Foreclosure Crisis") that was to be held by the House judiciary committee Wednesday has been postponed.
Here's the full witness list for the House Subcommittee on Housing and Community Opportunity on Thursday:
* Phyllis Caldwell, chief, Homeownership Preservation Office, U.S. Department of the Treasury
*Elizabeth A. Duke, governor, Board of Governors of the Federal Reserve System
*David Stevens, assistant secretary for Housing and Federal Housing Administration Commissioner, U.S. Department of Housing and Urban Development
*John Walsh, Acting Comptroller of the Currency, Office of the Comptroller of the Currency
*Edward DeMarco, acting director, Federal Housing Finance Agency
*Rebecca Mairone, Default Servicing executive, Bank of America
*Thomas Marano, chief executive of Mortgage Operations, Ally Financial Inc.
*Stephanie Mudick, executive vice president, Office of Consumer Practices, JP Morgan Chase
*Alan Jones, head of Servicing Operations, Wells Fargo Home Mortgage
*Harold Lewis, managing director, Citi Mortgage
*RK Arnold, president and chief executive, Mortgage Electronic Registration Systems Inc. (MERS)
*Adam Levitin, associate professor of law, Georgetown University Law Center
*Anthony B. Sanders, professor of finance, distinguished professor of real estate finance, School of Management, George Mason University
*Julia Gordon, senior policy counsel, Center for Responsible Lending
*Linda Fisher, professor of law, Seton Hall School of Law
*Anne Anastasi, president, American Land Title Association
Posted by: Anonymous | November 15, 2010 3:19 PM | Report abuse
Posted by: FloridaChick | November 15, 2010 3:56 PM | Report abuse
Posted by: FloridaChick | November 15, 2010 4:05 PM | Report abuse
Posted by: Anonymous | November 16, 2010 1:59 PM | Report abuse