The Bankwatch

Tracking the consumer evolution of financial services

The Financial Crisis Inquiry Commission (US) is getting heated and close to a (heated) finish

The issue of delayed foreclosures in the US as a result of flawed documentation is coming to a head as the Congressional enquiry gets close to end of job.  You will recall this was a result of loss of collateral interest in mortgages where the chain of legal rights had been lost due to the complexity of the securitisation process. 

Clearly there are some background interests trying to stymie the inquiry and further investigation.  Careers, reputations and legal recriminations are all on the line.  January will be interesting.

FCIC Delays Report Despite Republican Opposition, Citing ‘Very Powerful Interests’ Seeking To Undermine Investigations

The crisis commission is also looking into the matter, said Phil Angelides, the panel’s Democratic chairman. The Republicans on the panel are resisting further inquiries, according to people familiar with the matter. Angelides said in an interview that "there are very powerful interests" seeking to undermine the panel’s investigation.

"People who have trillions of dollars at stake who have been watching our efforts closely," Angelides said. "There have been efforts throughout the year to undermine me and my fellow commissioners."

Written by Colin Henderson

December 17, 2010 at 22:01

Posted in Uncategorized

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