Written Testimony of
Adam J. Levitin
Professor of Law
Georgetown University Law Center
Before the Senate Committee on Banking, Housing, and Urban Affairs
“Housing Finance Reform: Should There Be a Government Guarantee?”
September 13, 2011
[ipaper docId=64899731 access_key=key-2kpgybvq7hyggpqgt1l7 height=600 width=600 /]
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Securitization has failed 5 TIMES since the 1870’s. It has always failed on the basis of POOR UNDERWRITING and FRAUD by the banks themselves…. Garbage in – garbage out.
Read part 3 of Prof Levitin’s comments before the committee for proof. The banks are responsible for our current crash. They should be punished, not paid off with taxpayer money.