Summary for the Congressional Oversight Panel Report

This Congressional Oversight Panel Report was published November 16, 2010. It was an advisory report to government regarding deep concerns of the Lawmakers and Policymakers of the “irregularities” that had been discovered by Congress as they related to financial institutions and their required procedures for securitizing Mortgages.

Starting with the “Executive Summary” on page #1 of the report through page #28 are a MUST READ for anyone facing foreclosure or have lost their home to wrongful foreclosure.

This part of the report addresses the consequences of the failure of financial institutions to follow all legal steps in the securitization process. It warns mortgage lenders should not undertake foreclosures unless they are in FULL compliance with applicable laws and their contractual agreement with homeowners. It warns of the consequences of failing to properly transfer interest in the mortgage loan. It warns financial institutions that fail to comply with detailed requirements of the Pooling and Servicing Agreement, they lack the ability to transfer any interest or enforceable right. It advises that homeowners can have Legal claims when there is a failure of the mortgage lenders to properly convey interest in the collateral. It advises that FANNIE MAE and FREDDIE MAC have determined that MERS has no authority to foreclose.

Please Note this Report to Congress was created 16 months prior to the Nation Consent Judgment against the five largest financial Institutions of the Nation. Also, the Judicial Branch of Government was created with the authority to “administer” the Laws as Congress has intended. This report is 105 pages. Click Download below.