The COP Report Outlining the Issues : COP Examing Consequences of Mortgage Irregularities
Update 3: Professor Adam Levitin just said something good about this whole thing resting on allocation of losses. Right now, investors and homeowners are bearing all of the losses, including homeowners not in foreclosure but who live next door, pretty much everyone. Not kosher. (I’m paraphrasing) He suggests that we could fund a government modification program and stop letting the servicers conduct (or pretend to conduct) modifications. He said a few major banks might fail or have to recognize losses but that is the situation anyway; ignoring it helps nobody (except the banks, theoretically, and short term).
Update 2: No, he did not! RK Arnold just testified that MERS makes the land records more transparent because you can go online and pull up the servicer and “note holder’s” name. Whatever. Have you ever used that new service? First, it is not worth the paper it is written on because the data is entered by random people and has no bearing to reality. Secondly, in almost every case, they only list the servicer and they say some bullshit statement that the “investor chooses not to be named” or some such.
Update: Holy smokes, they had to recess during the Chase guy’s opening because homeowners are going nuts in the gallery saying he is perjuring himself….
It’s on C-Span 3 and streaming from the committee website.