From a recent Housing Wire article ("BofA finds securitization investors limit options for mortgage servicing"):
Bank of America Home Loans President Barbara Desoer said in written testimony
before the Senate Banking Committee that because the majority of its
mortgages are held by investors, the bank is "constrained" in its role
as a mortgage servicer for three-fourths of their mortgage portfolio.
The committee will hear testimony Tuesday from BofA (BAC: 11.763 -2.79%) and JPMorgan Chase (JPM: 39.24 -2.10%)
on recent foreclosure and documentation problems at the two banks and
others. Each suspended foreclosures because employees signed affidavits
without properly reviewing documentation, a problem, according to the
Congressional Oversight Panel, that could threaten the entire financial system.
Read the rest...