Elizabeth Warren, the junior senator from Massachusetts, threw some more well-deserved shade at counsels for the National Comptroller and Federal Reserve regarding their persistent unwillingness to help the more-than-a-million who lost their homes in the throes of the foreclosure crisis.
During yesterday's Financial Institutions and Consumer Protection Subcommittee hearing, Senator Warren grilled two federal attorneys for both their weak settlement with the banks for the tens of thousands of illegal foreclosures that returned very little money to those affected and their refusal to provide information about the banks' illicit actions to the public. "Without transparency, we can't have any confidence either in your oversight or that the markets are functioning at all," the Senator remarked after receiving a series of non-committal half answers regarding the independent oversight process. Here is an annotated transcript of the video.
"Over the last few months Congressman Elijah Cummings and I have requested documents from your agencies regarding the basic data and the processes of the independent foreclosure review. We made 14 specific requests to you in January, and despite multiple letters back and forth and multiple meetings, you have provided only one full response, three partial or minimal responses, and no responses to nine of our requests.
The video is the first listed below. Following it are several other videos of Warren questioning regulators in Senate committee hearings.
Warren, an outspoken Harvard law professor who worked on the Troubled Asset Relief Program (TARP) prior to her election in 2012, gained prominence during Occupy Wall Street as the national attention turned to the misdeeds of the national banking and lending institutions deemed "too-big-to-fail." Senator Warren sits on the Senate's Banking Committee, and has created a Congressional splash by taking regulators to task for wholesale failing to represent the interests of the American public. She's a real treat to watch in action.
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