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« FDIC Considers New Mortgage Disclosure Rule Aimed At Banks Owning Servicers And Home Equity Loans | Main | VIDEO: "We Can Either Have a Rational Resolution to the Foreclosure Crisis or We Can Preserve the Capital Structure of the Banks; We Can't Do Both" »
Monday
Jan102011

Geithner Urged by Senators to Tackle Foreclosure Process 'Forcefully' - Letter

Story from Bloomberg, plus 2 awesome clips, of Liz Warren kicking Geithner's ass all the way back to Dartmouth.

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Source - Bloomberg

Treasury Secretary Timothy F. Geithner and federal regulators need to fix the mortgage foreclosure process so that it doesn’t derail the economic recovery, Senator Jack Reed and 16 other senators wrote in a letter yesterday.

“Mortgage market issues point to an emerging threat to financial stability that should be forcefully addressed now,” wrote Reed, a Democrat from Rhode Island. The letter, obtained by Bloomberg News, was also signed by Senator Bernie Sanders, an independent of Vermont, and 15 other Democrats including Senators John Kerry and Dick Durbin.

The letter shows increasing concern from lawmakers that the Obama administration hasn’t done enough to stem the housing crisis. Home prices may decline 5 percent this year as the housing market starts to stabilize, Jan Hatzius, chief U.S. economist at Goldman Sachs, said in a Dec. 31 Bloomberg Television interview.

The senators’ letter was also addressed to the Financial Stability Oversight Council, often referred to as FSOC, created last year to guard against future financial crises.

The senators called for a “robust and comprehensive solution” that would protect homeowners and investors. They urged the council to respond “promptly” and indicate whether it needs additional tools or legislative changes.

“The FSOC should determine whether there is a need for some independent referee, whether it is a bankruptcy court or other institution, in finally addressing these foreclosure processing and loan modification issues,” the senators wrote. They said that bankruptcy courts are increasingly involved in “creatively and proactively” addressing foreclosure issues.

Continue reading at Bloomberg...

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Now watch Elizabeth Warren kick Geithner's ass...

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Reader Comments (5)

http://www.marketwatch.com/story/fdic-weighing-bank-mortgage-disclosure-rule-2011-01-10

FDIC weighing bank mortgage disclosure rule

Regulators worry about banks owning servicers and home equity loans
Jan 10, 2011 at 3:13 PM | Registered CommenterDailyBail
« A Banking Model That Works In The Badlands »

http://dailybail.com/home/a-banking-model-that-works-in-the-badlands.html
Jan 11, 2011 at 4:53 AM | Registered CommenterDailyBail
« Janet Tavakoli: How Bank Execs Hid Billions In Losses, Took Bailouts, Collected Billions In Bonuses, And Skipped Jail (And What You Can Do About It) »

http://dailybail.com/home/janet-tavakoli-how-bank-execs-hid-billions-in-losses-took-ba.html
Jan 11, 2011 at 4:54 AM | Registered CommenterDailyBail

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