The Congressional Oversight Panel (COP) delved into Foreclosuregate today, with Treasury’s Chief of the Homeownership Preservation Office Phyllis Caldwell stating that she did not believe the recent robosigning issues posed a systemic risk to financial markets. COP Panelist Damon Silvers strongly disagreed, stating that there is currently a lot of risk in the system. In addition to hearing from Ms. Caldwell, the panel (now chaired by Sen. Kaufman (D-DE)), also heard from a senior OCC official, who described banking efforts to modify loans without addressing the Foreclosuregate crisis. This report analyzes today’s session.
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