HP'ers know we've predicted Senate hearings for over a year now, but I thought they'd take off in 2008, as a way for incompetent and corrupt congressmen to show the voters that they're on top of things.
Which is humorous, as we know now that not only were they complacent as the out-of-control REIC gamed the system, not only were they bribed by the NAR and homebuilder lobbies, but that their incompetence was directly responsible for the housing bubble and now resulting crash.
Now "presidential hopeful Dodd" (say that a couple of times without laughing) is having hearings on Thursday to "investigate" the subprime bomb.
Oh, won't this be fun!
WASHINGTON, March 19 (Reuters) - U.S. Senate Banking Committee Chairman Chris Dodd said on Monday he asked executives at the top five subprime mortgage companies to testify at a Thursday hearing and explain their lending practices.
Dodd said he asked executives from HSBC Holdings Plc, New Century Mortgage Corporation, Countrywide Financial Corp., General Electric Co's WMC Mortgage unit and First Franklin Mortgage.
Federal and state banking regulators and consumer advocates have also been asked to testify at Thursday's hearing, Dodd said in a statement. Dodd, a Connecticut Democrat, is a U.S. presidential hopeful.
