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St Louis Finance and FREE Loan Audit News: Foreclosure Mess Prompts Call For Stress Tests
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The Congressional Oversight Panel, created by Congress in 2008 to review the Treasury Department’s response to the financial crisis, issued a 125-page report detailing recent allegations that banks and loan servicers filed thousands of inaccurate documents in foreclosure cases across the country.

While the report acknowledged that the scope and the consequences of controversy remain unknown, the panel warned that the financial system could be at risk if the allegations of “robo-signing” are proven to be true according to St Louis foreclosure stop experts.

“If documentation problems prove to be pervasive and, more importantly, throw into doubt the ownership of not only foreclosed properties but also pooled mortgages, the consequences could be severe,” the report said.

The worry is that banks will be forced to buy back mortgages that had been bundled and sold in the $7.6 trillion market for Residential Mortgage Backed Securities, or RMBS.

That could result in severe losses for the banks and destabilize the still-fragile financial system, according to the report.

Still, the report noted that concerns about robo-signing could be overblown, and the panel’s chairman told reporters Monday that he doesn’t yet know the full impact of the problem.

Yet, principal loan reduction professionals are concerned at the large scope of this potential problem.

“It could turn out to be nothing, or it could turn out to be a big deal,” said Senator Ted Kaufman (Democrat-Delaware).

He goes on to say: “We’re not at the stage yet were we have all the info we need to determine how bad it’s going to be.”

To assess banks’ vulnerability, the panel called on regulators to subject banks to stress tests to gauge whether their financial health is sound enough to withstand losses that could result from the controversy under a worst-case scenario.

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This entry was posted on Saturday, February 26th, 2011 at 6:51 pm and is filed under st louis mortgage news. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

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