Chris Dodd, chairman of the U.S. Senate Banking Committee, asked executives from HSBC, New Century, Countrywide, General Electric's WMC Mortgage unit and First Franklin Mortgage to explain their lending practices. "At the very least, homeowners facing foreclosure deserve to know what factors contributed to their dire financial straits, and what steps are needed to fix this pressing problem," Dodd said.

Full Story:

Related Summaries