The Senate Committee on Banking, Housing and Urban Affairs, is holding a hearing this afternoon to examine foreclosure proceedings that may have been conducted fraudulently. In early October, many states and the nation’s largest banks halted foreclosure proceedings after it was reported that thousands of homes were being seized without adequately processing the paperwork involved to do so.
The panel gathered to testify today covers all corners of this mess. Heads of two major banks with considerable amounts in mortgage loans teetering on foreclosure are present, along with lawyers with expertise in real estate law and consumer rights to presumably balance out the discussion. Tom Miller, Iowa Attorney General, the person heading up the 50 state investigation of foreclosure fraud, is also part of the panel.
I’ll be live blogging the proceedings below – it’s scheduled to start at
230 PM ET. 3:15PM ET. [They’ve pushed it back].