Elizabeth Warren: On The Attack Against Federal Banking Regulators (VIDEO)

Published On April 13, 2013 | By james |

On Thursday, Democratic Senator from Massachusetts Elizabeth Warren continued kicking ass for the middle class, this time taking on federal regulators for not doing more to protect homeowners who were illegally foreclosed upon by their banks.

During a Senate Banking Committee hearing, Senator Warren repeatedly grilled officials from the Federal Reserve and Office of the Comptroller of the Currency about a January settlement that effectively halted a case-by-case review of the foreclosures. Think Progress reports that the settlement, worth 9.3 billion dollars, nets affected homeowners less than $1000.00 each.

Senator Warren was understandably disturbed that the settlement was made before the review revealed the full extend of the abuses, or how many homeowners were actually effected;

“You’re saying that the you did not have an estimate in mind of how many banks had broken the law and how many home owners were the victims of illegal activities?”

When the regulators resisted answering whether they will ever make their findings public, Senator Warren scoffed;

“You know of cases where the banks broke the laws, but you are not going to tell the homeowners… People want to know that their regulators are watching out for the American public, not the banks. …Without transparency, we cannot have any confidence in your oversight or that markets are functioning correctly.”

California Rep. Maxine Waters (D), who serves on the House Committee on Financial Services, has asked for data showing how the $3.3 billion settlement gets distributed.

– james | page co-owner | The Everlasting GOP Stoppers

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