Back to 2008: congressional panel warns of big losses
THE FORECLOSURE crisis in the US could provoke a further redemption disaster as securitisations unwound, leading to further losses for the big US banks — particularly Bank of America, Citigroup, JPMorgan, and Wells Fargo, the Congressional Oversight Panel on Tarp warned on Tuesday.
The panel called for new stress tests for the banks, and attacked the Treasury for complacency.
The foreclosure scandal broke at the end of September, after court cases across the US started to examine the legal basis for foreclosure, which brought to light deficient documentation with documents missing
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