Friday, November 14, 2008


Congress established the $700 billion Troubled Asset Relief Program on October 3, 2008 to deal with the financial crisis. One of TARP’s core functions was to prevent future foreclosures through the acquisition of mortgage-related assets, such as whole loans, mortgage-backed securities and other financial products, and the implementation of a plan to stem foreclosures on those loans. In creating TARP, Congress was aware of the efforts of the private mortgage servicing industry to prevent foreclosures, and committed an extraordinary sum of taxpayer funds to expand upon those efforts. On November 12, 2008, Treasury Secretary Henry Paulson announced that TARP would not acquire mortgage-related assets. In light of this significant change in TARP’s mission, important oversight questions arise.

Witnesses for the hearing include:

Chairman Kucinich's Opening Statement
Testimonial of Mr. Neel Kashkari
Testimonial of Mr. Michael Barr
Testimonial of Mr. Anthony Sanfers
Testimonial of Ms. Alys Cohen
Testimonial of Mr. Larry Litton
Testimonial of Mr. Stephen Kudenholdt
Testimonial of Mr. Thomas Deutsch

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