‘Myth From Reality’
“This will be the chance for Congress on both sides of the Capitol to get their oar in the water relative to what’s happened since the news broke,” said Bill Killmer, senior vice president of legislative and political affairs at the Mortgage Bankers Association. “It’s also an opportunity for those who have been called forward to separate myth from reality.”
Today’s hearing will be conducted by Senator Christopher Dodd, a Connecticut Democrat who is chairman of the banking committee and is retiring from the Senate this year. South Dakota Democrat Tim Johnson, who is in line to succeed Dodd, said in an e-mailed statement: “I look forward to learning more about the situation, including what problems allowed for the breakdown in the process, what companies have done to fix problems and whether homeowners could have been foreclosed upon improperly.”
Ally Financial Inc.’s GMAC Mortgage unit, JPMorgan Chase and Bank of America temporarily halted foreclosures amid claims that legal documents were mishandled.
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