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Foreclosure Mess Prompts Call For Stress Tests

The Congressional Oversight Panel, a watchdog group created by Congress in 2008 to review the Treasury Department’s response to the financial crisis, has issued a report today in which it recommends to regulators that they conduct stress tests on the major banks that are faced with potential buy backs of mortgages due to the faulty mortgage documentation that they presently have in their files. The current scandal where lenders pursuing foreclosures have hired individuals to “robo-sign” affidavits claiming that the documentation is in order when it really was not, has raised further concerns with this. This panel suggests that Congress should know now what the potential is for such buy backs because many lenders may not be able to handle the stress of this. What would follow in that event could be really ugly.

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