Bank of America: We didn't seize any homes improperly. Trust us.

[marmar]

Nov. 16 (Bloomberg) -- Flaws in Bank of America Corp.’s foreclosure paperwork haven’t caused the bank to seize any homes improperly, the president of the company’s home-loan division said in testimony prepared for Congress today.

Barbara Desoer of Bank of America, who will appear before the Senate Banking Committee, is among at least seven banking officials who will face lawmakers’ questions today and Thursday in the first Congressional hearings on the problems with foreclosure documents that surfaced publicly in September. Also scheduled to testify today is David Lowman, chief executive of JPMorgan Chase & Co.’s home loan division.

Lawmakers, who are returning to Washington for a post- election session before a new Congress takes office in January, said they will ask federal regulators as well as banking officials about what actions they have taken to ensure that foreclosures were fair and legal.

“Thus far we have confirmed the basis for our foreclosure decisions has been accurate,” Desoer said in her prepared testimony. “At the same time, however, we have not found a perfect process.”

Desoer and Lowman are to appear today along with Iowa Attorney General Tom Miller, who is leading a 50-state investigation into the way mortgage-servicing firms handled foreclosures. ...........(more)

The complete piece is at: http://noir.bloomberg.com/apps/news?pid=20601087&sid=a9tVKu8_NuyE&pos=7

[theaocp]

1. BoA = liars and epic fail n/t

[DCKit]

2. Knowingly lying to Congress?

It's time to set an example, and I can't think of a better place to start - unless they get a few of Goldman Sachs executives up there weaving their tales (preferably the ones working for the Fed).

[EFerrari]

3. Oh, brother. Anyone who has worked in real estate or in a law office

or even someone who has bought or sold a piece of property knows how careful you have to be with the brazillion pieces of paper involved in a clean transfer of title. And that's when everyone is on the same page.

[gratuitous]

4. Uh huh, and Texas has never executed someone for a crime he didn't commit

And I'll pull out, I promise.