Congress raises alarm on US mortgage fraud risk
Tarp oversight panel warns that bank incompetence threatens financial system
In a report released earlier this week, the US Congressional Oversight Panel (COP) for the Troubled Asset Relief Program (Tarp) warned that widespread failure by banks to keep track of the mortgages they owned could end up causing billions of dollars in losses, and might even threaten the stability of the financial system. Read the full report.
Recent weeks have seen a steady drumbeat of damaging revelations of incompetence and fraud across the US mortgage lending and securitisation industry
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