| 00:00:32 |
Waters, Maxine - U.S. Representative, [D] California
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| 00:05:50 |
Neugebauer, Randy - U.S. Representative, [R] Texas
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| 00:09:03 |
Waters, Maxine - U.S. Representative, [D] California
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| 00:09:20 |
Frank, Barney - U.S. Representative, [D] Massachusetts
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| 00:12:16 |
Miller, Gary G. - U.S. Representative, [R] California
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| 00:15:35 |
Lynch, Stephen F. - U.S. Representative, [D] Massachusetts
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| 00:16:50 |
Green, Al - U.S. Representative, [D] Texas
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| 00:18:32 |
Frank, Barney - U.S. Representative, [D] Massachusetts
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| 00:19:29 |
Waters, Maxine - U.S. Representative, [D] California
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| 00:20:30 |
Caldwell, Phyllis - Director
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| 00:25:38 |
Duke, Elizabeth A. - Member
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| 00:29:54 |
Stevens, David - Assistant Secretary
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| 00:35:05 |
Walsh, John - Comptroller of the Treasury (Acting_
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| 00:39:59 |
DeMarco, Edward - Acting Director
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| 00:44:05 |
Waters, Maxine - U.S. Representative, [D] California
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| 00:44:53 |
Caldwell, Phyllis - Director
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| 00:49:30 |
Walsh, John - Comptroller of the Treasury (Acting_
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| 00:51:03 |
Bachus, Spencer - U.S. Representative, [R] Alabama
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| 00:51:52 |
Duke, Elizabeth A. - Member
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| 00:52:32 |
Walsh, John - Comptroller of the Treasury (Acting_
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| 00:53:13 |
Stevens, David - Assistant Secretary
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| 00:54:08 |
Bachus, Spencer - U.S. Representative, [R] Alabama
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| 00:55:57 |
Walsh, John - Comptroller of the Treasury (Acting_
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| 00:57:26 |
Lynch, Stephen F. - U.S. Representative, [D] Massachusetts
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| 00:58:47 |
Caldwell, Phyllis - Director
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| 01:02:19 |
Neugebauer, Randy - U.S. Representative, [R] Texas
WAR. .
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| 01:04:39 |
DeMarco, Edward - Acting Director
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| 01:07:56 |
Cleaver, Emanuel II - U.S. Representative, [D] Missouri
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| 01:08:16 |
Walsh, John - Comptroller of the Treasury (Acting_
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| 01:10:08 |
Duke, Elizabeth A. - Member
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| 01:10:20 |
Cleaver, Emanuel II - U.S. Representative, [D] Missouri
CAPTIONING PERFORMED BY VITAC SO THAT THE MORTGAGE FUNCTIONING AND THE HOUSING MARKETS CAN CONTINUE. SO, YES, I WOULD. >> ONE FINAL QUESTION. YOU HAD...
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| 01:12:15 |
Miller, Gary G. - U.S. Representative, [R] California
TO MAKE SURE THE MISINFORMATION IS DEALT WITH, THAT FORECLOSURE AVOIDANCE OCCURS WHEN IT CAN. I GUESS ONE PROBLEM I'M HAVING IS, IF FRAUD HAS BEEN COMMITTED...
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| 01:14:29 |
Stevens, David - Assistant Secretary
WORK THROUGH THE FROSPROCESS OF OUR FORMAL PROCEDURE THROUGH THE MORTGAGEE REVIEW BOARD I BELIEVE WE'LL SEE A GREATER RESPONSE. TO DATE, WE'VE ALREADY...
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| 01:16:03 |
Walsh, John - Comptroller of the Treasury (Acting_
IMPROVED. THE QUALITY AND EFFECTIVENESS. THE EXAMINATIONS WE'RE UNDERTAKING ON AN INTERAGENCY BASIS ARE GOING TO GRIND DOWN TO THE MOST YAN GRANULAR...
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| 01:16:39 |
Miller, Gary G. - U.S. Representative, [R] California
PROVED THAT DID NOT WORK AND PUT NEW GUIDELINES IN PLACE. FHFA HAS ALLOWED FREDDIE AND FANNIE TO PUT ON CONFLICTING GUIDES AS IT APPLIES TO PROCESSES...
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| 01:17:10 |
DeMarco, Edward - Acting Director
MAINTAINED THE POSITIVE ELEMENTS NOW THAT THAT HAS GONE AWAY, PRINCIPALLY FOCUSED ON APPRAISER INDEPENDENCE. >> THEY HAVEN'T DONE THAT. I'M OUT OF TIME....
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| 01:17:39 |
Green, Al - U.S. Representative, [D] Texas
SOLUTION THAT IS USUALLY WRONG. AND WHAT I'D LIKE TO DO IS FIRST EXAMINE HOW COMPLICATED THIS PROBLEM IS AND TRY TO GET BEYOND THE SUPERFICIAL SOLUTIONS,...
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| 01:20:03 |
Caldwell, Phyllis - Director
IN HAMPT BUT CERTAINLY NEED MORE FOCUS ON SECOND LIENS TO SUSTAIN MODIFICATION. >> MISS DUKE, IF YOU WOULD, PLEASE? >> I WOULD JUST ECHO THAT THE...
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| 01:20:34 |
Stevens, David - Assistant Secretary
OF DECISIONS THAT HAS TO BE CONCURRED WITH WHEN YOU'RE TRYING TO DO A MODIFICATION. >> MR. WALSH? >> CERTAINLY AS DESCRIBED, THE ADDITIONAL DEBT...
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| 01:20:50 |
Walsh, John - Comptroller of the Treasury (Acting_
MATTER, WE CERTAINLY INSIST THAT THE BANKS ADDRESS THE OVERALL DEBT BURDEN, MODIFICATION STATUS OF THE FIRST LIEN AND TO TAKE THAT INTO ACCOUNT IN RESERVING...
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| 01:21:22 |
DeMarco, Edward - Acting Director
GUARANTORS, SECOND LIENS HAVE BEEN AN IMPEDIMENT IN SOME OF THE MODIFICATION ACTIVITY. I WOULD GO FURTHER TO SUGGEST AS THIS COMMITTEE CONSIDERS HOW...
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| 01:21:53 |
Green, Al - U.S. Representative, [D] Texas
LIEN MODIFICATIONS COMPLETED. BUT TELL ME THIS. WITH REFERENCE TO THE SECOND LOOEP LIENS, WHAT PERCENTAGE ARE WE DEALING WITH WITH REFERENCE TO THE...
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| 01:22:26 |
Caldwell, Phyllis - Director
SERVICERS SIGNED UP TO PARTICIPATE AND IN THAT PROGRAM THEY, THE SERVICERS, AGREE TO MODIFY THE SECOND LOAN -- THE SECOND LIEN -- WHEN THEY GET KNOWLEDGE...
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| 01:22:51 |
Waters, Maxine - U.S. Representative, [D] California
I WILL BE HERE WHEN YOU RETURN. THIS WILL GIVE ME AN OPPORTUNITY TO FIGURE OUT A COUPLE OF THINGS THAT HAVE NOT BEEN MADE CLEAR. SO PLEASE. THE PANEL...
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| 01:24:44 |
Caldwell, Phyllis - Director
WE SENT TREASURY STAFF ON SITE TO THE SERVICER SHOPS TO LISTEN TO THE CALLS THAT CAME IN AND TO TRY TO ADDRESS ISSUES AND GUIDANCE WHERE POSSIBLE....
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| 01:26:27 |
DeMarco, Edward - Acting Director
ONE SCRIPT THAT IS USED BECAUSE THERE'S A PARTICULAR SITUATION. IN THE SITUATION WHERE A BORROWER HAS BEEN -- MISSED SEVERAL PAYMENTS AND -- >> NO,...
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| 01:26:45 |
Waters, Maxine - U.S. Representative, [D] California
JONES IS CALLING. SHE'S SAYING, I'VE GOT A PROBLEM. I MAY NOT BE ABLE TO -- OR I WON'T BE ABLE TO MAKE MY PAYMENTS AFTER NEXT MONTH. IN THE SAME AMOUNT...
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| 01:32:28 |
Stevens, David - Assistant Secretary
MANY CASES ACTUALLY THE FIRST CALL GOES INTO A COLLECTIONS DEPARTMENT TO DETERMINE IF THEY CAN GET PAYMENTS MADE AND THEN IT MIGHT GO FROM THERE TO...
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| 01:34:50 |
Caldwell, Phyllis - Director
IS, HOW MANY OF YOU KNOW THAT BANKS HAVE
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| 01:34:55 |
Waters, Maxine - U.S. Representative, [D] California
LOSS MITIGATION DEPARTMENTS OFFSHORE? AND THIS MISS JONES THAT I'M DESCRIBING, HER FIRST CONTACT TO DISCUSS WHETHER OR NOT SHE'S ELIGIBLE FOR A LOAN...
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| 01:40:39 |
Walsh, John - Comptroller of the Treasury (Acting_
A HORIZONTAL REVIEW OF MORTGAGE MODIFICATION PROCESSES. I GUESS IN 2008/2009. TO LOOK AT THE PRACTICES ACROSS THE FIRMS WHERE THERE WERE DEFICIENCIES...
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| 01:41:36 |
Waters, Maxine - U.S. Representative, [D] California
DIRECTLY TEST STANDARD BUSINESS PROCESS OR PRACTICES SUCH AS THE VALIDDY OF SIGNED CONTRACTS OR THE PROCESSES USED TO NOTARIZE DOCUMENTS OR THE ACTUAL...
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| 01:46:35 |
Stevens, David - Assistant Secretary
ARE OFFERED, AND WE TRACK THEM IN DETAILED REPORTING THAT WE'VE CREATED OVER THE LAST YEAR BY INSTITUTION, BY MONTH, HOW MANY HAVE GONE THROUGH THE...
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| 01:47:20 |
Waters, Maxine - U.S. Representative, [D] California
STARTED EXPERIENCING THE FALLOUT FROM THE SUBPRIME BOOM, HAS OCC TAKEN ENFORCEMENT ACTION AGAINST SERVICERS? >> WE HAVE CERTAINLY ISSUED SUPERVISORY...
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| 01:47:40 |
Walsh, John - Comptroller of the Treasury (Acting_
YOU LEVIED ANY FINES? >> I DO NOT BELIEFVE THAT WE HAVE. >> HAVE YOU ORDERED ANY CEASE AND DESIS ORDERS? >> I DON'T THINK THERE HAVE BEEN PUBLIC ACTIONS...
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| 01:47:53 |
Waters, Maxine - U.S. Representative, [D] California
THEM. >> HAVE YOU TLITHREATENED TO REVOKE ANY CHARTERS? >> NO. >> DO YOU THINK THE SERVICERS REALLY BELIEVE THAT YOU MEAN BUSINESS IF THEY DON'T HAVE...
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| 01:52:40 |
DeMarco, Edward - Acting Director
ARISEN AND THAT IS PRUDENTIAL FOR US TO COMPLETE THAT EXAMINATION WORK SO WE ARE ACTUALLY OPERATING WITH FACT THAT WE KNOW THE SCOPE AND MAGNITUDE...
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| 01:53:42 |
Waters, Maxine - U.S. Representative, [D] California
BASICALLY -- >> I HAVE A CALL -- >> I WOULD LIKE TO THANK YOU FOR REITERATING WHAT YOU SAID OVER AND OVER AGAIN AND WHAT MR. NAUG BAUER WARNED YOU ABOUT...
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| 01:54:30 |
Miller, Brad - U.S. Representative, [D] North Carolina
TAKEN INTO ACCOUNT POTENTIAL LIGHTABILITY BY THE SERVICERS OF RESIDENTIAL SERVICE-BACKED SECURITIES, THE BIGGEST BANKS FOR PUTBACKS. AT THAT TIME WE...
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| 01:56:46 |
Duke, Elizabeth A. - Member
ESTIMATES AND COMPARING THEM TO OUR ESTIMATES, BUT WE'RE DOING OUR OWN INDEPENDENT ESTIMATE. >> ARE YOU EXAMINING THE COLLATERAL LOAN FILES? REPRESENT...
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| 01:56:59 |
Miller, Brad - U.S. Representative, [D] North Carolina
THOSE FILES HAVE ALL THE DOCUMENTS REQUIRE EDD UNDER THE PSA? >> IN THE EXAMS THAT WE'RE DOING RIGHT NOW, WE ARE ACTUALLY LOOKING AT -- WE'RE PULLING...
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| 01:59:09 |
DeMarco, Edward - Acting Director
ON THESE PARTICULAR LOANS SO THEY CAN BE REVIEWED AND EVALUATED. >> OKAY. MR. GREEN ASKED A QUESTION EARLIER ABOUT SERVICERS HOLDING SECOND MORTGAGES....
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| 01:59:20 |
Miller, Brad - U.S. Representative, [D] North Carolina
OF SECOND LIENS CREATED. I THINK THE JUST OF MR. GREEN'S QUESTION WAS REALLY ABOUT WHETHER IT'S A CONFLICT OF INTEREST FOR SERVICERS, FIRST, HELD BY...
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| 02:00:22 |
Walsh, John - Comptroller of the Treasury (Acting_
EXTEND AND PRETEND. >> I MEAN, AS WE SUPERVISE THE LOANS, WE, TO THE EXTENT
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| 02:00:29 |
Miller, Brad - U.S. Representative, [D] North Carolina
THAT A COMPANY HAS A PORTFOLIO OF FIRST MORTGAGES AND SECOND MORTGAGES, WE LOOK AT THE CONDITION OF THE LOANS AND THE LOSS EXPERIENCE WITH THE FIRST...
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| 02:01:24 |
Kilroy, Mary Jo - U.S. Representative, [D] Ohio
ISSUES. LIKE MANY OF MY COLLEAGUES I WAS DEEPLY DISTURBED BY RECENT REVELATIONS AT BEST SHODDY PAPERWORK WORKING FOR THE WALL STREET BANKS THAT OWN...
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| 02:05:22 |
DeMarco, Edward - Acting Director
FANNIE MAE LOANS. I OBSERVED IT WAS BOTH FANNIE MAE AND FREDDIE MAC LOONS THAT WERE BEING WORKED THROUGH THAT PARTICULAR LAW FIRM. THAT IS NOT THE ONLY...
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| 02:05:49 |
Kilroy, Mary Jo - U.S. Representative, [D] Ohio
CLARIFICATION. IN TERMS OF RESPECTING THE RULE OF LAW, HOMEOWNERS ARE NOT ABLE TO PROTECT THEIR PROPERTIES IN THE BANKRUPTCY COURT. THEY CAN'T ASK...
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| 02:07:15 |
DeMarco, Edward - Acting Director
WOULD -- I WOULD -- I WOULD SUGGEST THAT IF THERE WAS A CHANGE IN LOCKSTANDING PRACTICE ABOUT MORTGAGES BEING OUTSIDE OF THE BANKRUPTCY PROCESS,...
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| 02:08:35 |
Biggert, Judy - U.S. Representative, [R] Illinois
FORECLOSURE MILLS AND THE CHOSEN FEW FIRMS THAT FANNIE MAE AND FREDDIE MAC HAVE PICKED TO PROCESS FORECLOSURES AND TO THIS DATE I HAVEN'T REALLY GOTTEN...
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| 02:09:45 |
DeMarco, Edward - Acting Director
SHARE OF BUSINESS GOING TO ANY ONE FIRM SO THERE'S PROGRESS IN THAT WAY. IF WE'VE NOT GOTTEN -- I BELIEVE WE'VE GOTTEN BACK TO YOU. IF WE HAVEN'T GOTTEN...
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| 02:10:55 |
Waters, Maxine - U.S. Representative, [D] California
BIGGERT IN TWO WEEKS. >> I WOULD LIKE TO THANK THE PANEL FOR BEING WITH US. SOME MEMBERS MAY HAVE ADDITIONAL QUESTIONS FOR THIS PANEL WHICH THEY MAY...
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NOTE: The transcript for this program was compiled from uncorrected Closed Captioning.