Members of the Congressional Oversight Panel held a hearing this week to discuss the Treasury Department's foreclosure-prevention effort but instead focused on foreclosure woes plaguing the housing market. The issues "are already undermining investor and homeowner confidence in the mortgage market, and they threaten to undermine Americans' fundamental faith in due process," said Sen. Ted Kaufman, D-Del., chairman of the panel. Phyllis Caldwell of the Treasury said officials are looking into the foreclosure situation. "At this point in time, there is no evidence that there is a systemic risk to the financial system," Caldwell said.
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