Rachel Maddow segment focuses on Americas struggle with home foreclosures from the Great Depression to today’s Great Recession. Including how the banks and Wall Street received bail outs and record profits while working families are being throw out of their homes. In defense to the people, Occupy and other community organizations are campaigning to stop foreclosures on families and initiating ‘Occupy Our Homes.’ A nationwide effort to put a moratorium on these foreclosures, showing local efforts from Occupy Rochester and the Steidel’s victory to keep their home.
I was watching the movie “SEABISCUIT” the other day, when I set out to look for this below and thought I’d include a piece of history to this site along side of the history in the making information of Foreclosure Fraud …
“All persons are required to deliver on or before May 1, 1933, all gold coin, gold bullion, and gold certificates now owned by them to a Federal Reserve, bank or a branch or agency thereof or to any member bank of the Federal Reserve System.”
The White House isn’t saying much about whether Harvard law professor and consumer advocate Elizabeth Warren will be named to lead the new Consumer Financial Protection Bureau.
But the head of a key banking industry group believes it will happen soon.
Camden Fine, president and chief executive of the Independent Community Bankers of America, said Monday that he sees a “better than even chance” that President Barack Obama will nominate Ms. Warren to lead the new bureau.
The piñata sat alone at the witness table, facing the members of the House subcommittee on financial institutions and consumer credit.
The Wednesday morning hearing was titled “Oversight of the Consumer Financial Protection Bureau.” The only witness was the piñata, otherwise known as Elizabeth Warren, the Harvard law professor hired last year by President Obama to get the new bureau — the only new agency created by the Dodd-Frank financial reform law — up and running. She may or may not be nominated by the president to serve as its first director when it goes live in July, but in the here and now she’s clearly running the joint.
And thus the real purpose of the hearing: to allow the Republicans who now run the House to box Ms. Warren about the ears. The big banks loathe Ms. Warren, who has made a career out of pointing out all the ways they gouge financial consumers — and whose primary goal is to make such gouging more difficult. So, naturally, the Republicans loathe her too. That she might someday run this bureau terrifies the banks. So, naturally, it terrifies the Republicans.
Testimony of Elizabeth Warren Special Advisor to the
Secretary of the Treasury for the Consumer Financial Protection Bureau
Before the Subcommittee on Financial Institutions and Consumer Credit
Committee on Financial Services
United States House of Representatives
Wednesday, March 16, 2011
The current economic crisis began one bad mortgage at a time. Mortgages that promised investors huge profits for low risks were the raw material of the securities that contributed to the near collapse of the worldwide economy. Irresponsible lending that encouraged people to buy homes with no realistic hope of ever paying off their loans has now led millions of families into foreclosure and bankruptcy. If there had been just a few basic rules and a cop on the beat to enforce them, we could have avoided or minimized the greatest economic catastrophe since the Great Depression. In the future, the new consumer bureau will be that cop.
I couldn’t find statistics for local utility shut offs in my area, but I knew we would start to see more and more of this.
Houses everywhere are going vacant. People don’t say goodbye, they don’t leave a number, they just disappear. With their disappearance we add another vacant house to the street. But families living in housing without utilities is a new sight for me to behold. I spoke recently with a rep from So Cal Edison who, full time contacts residence who have had their electricity turned off due to non payment. She has a negotiator sent in and they work on a reduced payment. It’s amazing to me, that now, it is becoming acceptable in California to camp out in your home.
People are losing their homes, losing their cars and losing their dignity. How are we going to afford kids clothes and school supplies for the coming year? How can we expect families to pay for all these additional costs when the economy is in the shape it in. I ask myself this everyday.