Brilliance in oversight from the always reliable Federal Reserve...

Video - Senate Banking Committee hearings, probing mortgage services and foreclosure practices - Dec. 2, 2010

The Federal Reserve's Daniel Tarullo admits when he first learned of fraud probes at GMAC- Ally Bank, a company under the Fed's extra-diligent oversight.

Tarullo's bio page at the Fed...

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Previously from Tarullo - Read this one...

Fed Governor Issues Warning on Bank Dividends and Mortgage Put-Back Risk