[VIDEO] Senator Warren Slams Regulators on Botched Foreclosure Reviews

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[VIDEO] Senator Warren Slams Regulators on Botched Foreclosure Reviews

[VIDEO] Senator Warren Slams Regulators on Botched Foreclosure Reviews

“So you have made a decision to protect the banks but not to inform the families who were illegally foreclosed upon?”

Warren: So I just want to make sure I get this straight. Families get pennies on the dollar in the settlement for having been the victims of illegal activities or mistakes in the banks’ activities. … You now know individual cases where the banks violated the law and you’re not going to tell the homeowners or at least it’s not clear yet whether or not you’re going to do that?

Response: We haven’t made a decision what we’re going to tell the homeowners.

Warren: You know, I just have to say, I thought this was about transparency. That’s what this is all about. People want to know that their regulators are watching out for the American public, not for the banks. And the only way that we can evaluate whether or not you’re doing your job is if you make some of this information publicly available. And so far, you’re not doing that, and without transparency, we can’t have any confidence either in your oversight or that the markets are functioning properly at all and that people are going to receive proper compensation for what went wrong.

Senator Elizabeth Warren’s opening statement and Q&A at the April 11, 2013 Senate Banking Committee, Subcommittee on Financial Institutions and Consumer Protection Hearing. Panelists include:

Mr. Daniel P. Stipano
Deputy Chief Counsel
Office of the Comptroller of the Currency

Mr. Richard Ashton
Deputy General Counsel
Board of Governors of the Federal Reserve

Image: AP

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5 Responses to “[VIDEO] Senator Warren Slams Regulators on Botched Foreclosure Reviews”

  1. Faith says:

    You are the Bomb Elizabeth!!!!!!

  2. Charles Reed says:

    Homegirl can be a superstar if she keeps hitting these clown in the over the head with common sense and her legal knowledge, she unstoppable.

    I love when she ask the question she already knew the answer to about the fact that the victims could take the banks to court….Right?

  3. Elaine Williams says:

    What a woman! So smart! But is anyone listening? Keep asking those questions Elizabeth!

  4. dinsfla says:

    If you watch the full video…you could easily see her blood was boiling. Never seen this side of her to this extent.

Trackbacks/Pingbacks

  1. […] lets recap for a sec… Banks hire the reviewers, Banks and regulators botch the process, Banks tell the reviewers/regulator…. You guessed it the Banks were in charge of their own Foreclosure […]


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