Written Testimony of
Adam J. Levitin
Professor of Law
Georgetown University Law Center
Before the
House Financial Services Committee
Subcommittee on Financial Institutions and Consumer Credit
&
Subcommittee on Capital Markets and Government Sponsored Enterprises
Joint Hearing on “H.R. 1697: The Communities First Act”
November 16, 2011
2:00 pm
Ms. Chairman Capito, Mr. Chairman Garret, Ranking Member Maloney, Ranking Member Waters, Members of the Subcommittees:
Good afternoon. My name is Adam Levitin. I am a Professor of Law at the Georgetown University Law Center in Washington, D.C., where I teach courses in bankruptcy, commercial law, contracts, and structured finance. I have previously served as Special Counsel to the Congressional Oversight Panel supervising the Troubled Asset Relief Program (TARP). I am here today to testify against H.R. 1697, the so-called “Communities First Act.” I oppose the bill for several reasons:
• The Communities First Act will actually destroy communities by encouraging mortgage foreclosures that hurt families, neighboring property owners, and local government.
• The Communities First Act encourages spurious accounting practices that debase the informational currency on which American capital market investors depend.
• The Communities First Act would make it impossible for accounting rules to be updated unless they met a pseudo-scientific cost-benefit analysis standard.
• The Communities First Act would enable banks to game the regulatory system by picking their regulator.
• The Communities First Act would gut the Consumer Financial Protection Bureau. Fundamentally, the Communities First Act is a regulatory subsidy for big and small banks, with some extra morsels tossed in for the small banks. It does nothing for communities. I urge the Subcommittees to reject the bill for the narrow, special interest pleading that it is.
Full testimony below…
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4closureFraud.org
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Written Testimony of Adam J. Levitin
no one in “the gov” wants to hear from Adam, his unambiguous assessment of regulation that deals with the problems created by the banks who bought off “the gov regulators ” and the CONgress to pass “free for all” banking & accounting fraud laws & regulations to completely capture the entire monetary & economic system.
we have no voice ,no choice, and now no tolerance for any further TREASON tyranny or theater to allow this to CONtinue . The wall is straight up ahead, these parasites of banksters ,debt collectors, GOV lackeys will not be dislodged without a fight. SO FIGHT WE WILL!!
btw >>THANK YOU Adam Levitin
As a Realtor watching all these home owners illegally thrown out on the streets for the past 4 years, while the banksters and servicing companies lied to these home owners saying “Oh yea your good just keep sending in this $ amount per month and your going to be fine, long enough to collect from these home owners as much in pocket then pull the rug from under them and foreclose, while the courts allow this is a shock to what I once knew… These poor people /families /kids /animals thrown out of their home and lied to by these bastards!
Their have been families who killed their entire family thinking their was no other way out, their were people who hung themselves or put the gun against their head and pulled the trigger!! THIS IS MURDER ON THE BANKSTERS AND ALL INVOLVED. They made these people feel worthless, as i said these BAstards.