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Congressional Oversight Panel Foreclosure Report

posted by Adam Levitin

The Congressional Oversight Panel's foreclosure report will be out tomorrow.  I'm hoping it advances the discussion on foreclosures and foreclosure mitigation efforts and helps focus what is still a rather amorphous debate in which there seems to be too little common ground.  


Does H.R. Bill 1106 apply to people who are in or who may have to file chapter 7 bankruptcy? I have only heard chapter 13.

HR 1106 and whatever the Senate passes (if anything) only apply to Chapter 13 bankrupcies.

Yup, 13.

After a first run through of 189 pages I'm left wondering 1.) "When is someone going to start making connections with the fact that bankruptcy is the **result** of Mortgage Servicing Fraud and not vice versa?" and 2.) "How much longer before studies start looking for correlations between Mortgage Servicing Fraud on one side of the fence and CDO/CDS investment on the other side?" Wouldn't it be nice if an entity could hedge their bets on CDO/CDS and actually control which RMBS tranches tanked.... Oh wait... Wouldn't that be one of several incentives for all of the big boys to bring servicing "in-house"? EMC/Bear, SPS/Credit Suisse, BoA/Countrywide/Merrill/Wilshire and the bonus of a TRUSTEE with LaSalle?, GS/Litton, Saxon... Hmm...Who's got Saxon... Oh right, Morgan Stanley.... Of course, my opinion only...And an uneducated one at that.... At least the courts are starting to catch on to the fact that many foreclosures are being conducted by entities that have no legal standing to bring the actions in the first place.... For that, I thank the bankruptcy system and it's participants profusely. Now if only the REST of the world would recognize it...

And, while I'm at it, why do I think that an attorney would be a safer, overall better investment than an "advocate" for my home?

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