The Congressional Oversight Committee on forclosures

The Washington Post notes more on foreclosures is coming, this time from The Congressional Oversight Committee today. No link yet.

A congressional oversight panel is set to warn on Tuesday that a widespread problem of flawed and fraudulent foreclosure paperwork could upend the housing market and undermine the nation’s financial stability, just as the issue is coming under greater scrutiny this week in Washington.

Examining the Consequences of Mortgage Irregularities for Financial Stability and Foreclosure Mitigation

Update: Yves Smith offers her thoughts:

The spectacle of Senators in Tuesday’s banking committee hearings on the mortgage largely siding with articulate, fact-driven critics of the mortgage securitization is a sign that financial services industry misdirection and lame excuses are wearing thin. But far more devastating is the contrast between the long-promised American Securitization Forum paper on mortgage transfers, versus the Congressional Oversight Panel report on the broader issue of mortgage documentation.