From Ted Kaufman’s opening statement:
“If these reports reflect a disregard on the part of banks for the legal requirements of foreclosure, that alone would be unconscionable. Yet it is conceivable that the problem is even worse: that banks have failed to follow the legal steps necessary to ensure clear title. If investors lose confidence in the ability of banks to document their ownership of mortgages, the financial industry could suffer staggering losses. The possibility is especially alarming coming so soon after taxpayers spent billions of dollars to bail out these very same institutions.
I do not want to prejudge what we will hear from today’s witnesses, but I must say this: I am concerned. I am concerned in part because it is this Panel’s mandate to oversee Treasury’s foreclosure programs and the overall stability of the financial system. But much more critically, I am concerned because, across America, our mothers and fathers and sons and daughters are losing their homes.”
We’re concerned too, Senator Kaufman.