Elizabeth Warren Slams Eric Holder
WASHINGTON -- Sen. Elizabeth Warren (D-Mass.) sent a letter to Attorney General Eric Holder Wednesday questioning whether a major government settlement with the nation's largest mortgage companies is merely a way to absolve banks of malpractice under a "timid enforcement strategy."
The letter follows months of criticism from Warren over weak penalties imposed on banks accused of defrauding consumers and investors. She has denounced settlement strategies that allow financial firms to set aside past violations without acknowledging wrongdoing.
Wednesday's letter addresses a settlement among the U.S. Department of Justice, the Federal Housing Administration and 49 state attorneys general over charges that major banks submitted a torrent of false claims in pursuit of government benefits. In February 2012, Bank of America, JPMorgan Chase, Wells Fargo, Citigroup and Ally Financial agreed to pay $25 billion to settle allegations that they forged signatures, fabricated documents and engaged in other illegal practices during foreclosures.
The DOJ claimed the violations allowed banks to push through improper evictions, and receive government compensation for loans that homeowners did not repay. In the worst cases, homeowners were evicted without actually defaulting on their loans. In many others, banks instructed families to miss loan payments in order to apply for bank and government assistance, only to foreclose on them once the loan entered default proceedings.
"I am concerned that this might be yet another example of the federal government's timid enforcement strategy against the nation's largest financial institutions," wrote Warren. "I believe that if DOJ and our banking regulatory agencies prove unwilling over time to take the big banks to trial or even require admission of guilt when they cheat consumers and break the law -- either out of timidity or because of a lack of resources -- then the agencies lose enormous leverage in settlement negotiations."
http://www.huffingtonpost.com/2013/08/21/elizabeth-warren-mortgage_n_3790351.html
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She's the only person I'm interested in for 2016.
VOTE 2016!!!
I am willing and able to work very hard to get her elected...
She is a leader for the people..
Liz Rocks!!!
For all those DUers born after the 80s, please take note.
This is also what a Democrat who is doing the JOB he/she was elects to do looks like.
Its really sad that she is so remarkable.
She should be just one of many.
You will know them by their [font size=3]WORKS.
in order to accomplish more for them while temporarily in charge of the office that would have been the office to prosecute them before his inevitable return to them after this assignment is over as an even more well paid lawyer in their service.
A whole series of appointments by this Administration can be seen as a means to take the best advantage of the lucrative revolving door set up that was installed to further enrich the true leaders of this and other countries, the multinational masters of the universe that simply purchase the power and politicians they need to further their monetary goals.
They have apparently stopped even pretending about it anymore.
We are no longer it would appear a form of representative Democracy.
Most politicians are now little more than paid employees on temporary assignment for their multinational bosses, the rest is nothing more than an act staged for our benefit.
Yes, I have actually become this cynical after allowing myself to believe otherwise just a mere 5 years ago, then, I thought we would restore our dying Democracy, I was so naive for an older guy and can do little now but apologize for my gullibility that moved me to fight FOR these people to do this.
I was an idiot, and a damn useful one during the elections in '08.
sigh...
