Archive for Elizabeth Warren

VIDEO: Chris Hayes takes on “nationwide foreclosure crime scene,” Elizabeth Warren takes on the regulators

foreclosure crime scene

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This is must-see TV. Please watch all of it, it’s a segment of “All In with Chris Hayes” from a day or two ago. Here’s the back story, via MSNBC:

What the numbers show are banks foreclosing on military service members who were entitled to relief, and banks foreclosing on homeowners who had been approved for a loan modification. The numbers even show banks foreclosing on homeowners who were not behind in their payments and not in default. [...]

According to the findings posted just Tuesday by a federal bank regulator as part of a settlement agreement with a number of major banks, between 2009 and 2010, foreclosure proceedings that were wrongful or in some way contained bank error commenced against nearly four million homeowners.

About 30% of those homeowners had to battle potentially wrongful efforts to seize their homes, and more than 244,000 eventually lost their homes… But given the scale of the deception and error, the amount of money is, in most instances, cartoonishly small.

The entire segment is astonishing.

Which brings us to this morning at a Senate Banking Committee hearing where Sen. Elizabeth Warren (D-MA) asked regulators why they won’t reveal how often big banks broke the law by illegally foreclosing on homeowners. Surprise! The answer was, they didn’t exactly know pre-settlement and, per Think Progress, “were now unwilling to publicize the error rate.”

Gee, who could have predicted that would happen?

Elizabeth Warren was her usual sharp-as-a-tack, unrelenting, driven self, and the regulators got the brunt of it. Where would we be without her to look out for us?

On Tuesday, regulators released new information suggesting that banks may have made errors in as many as 30 percent of all loans that qualified for a review,” the Huffington Post reported.

Watch Warren rip into the Big Bank Bodyguards, and watch them get all slithery and squirmy and resistant and small:

This is what “competent” looks like, Congress. Pay attention:

WARREN: So you have made a decision to protect the banks but not a decision tell the families who have been illegally foreclosed against?

RICHARD ASHTON (FEDERAL RESERVE): We haven’t made a decision about what information we would provide to individuals. [...]

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 whether or not you’re going to do that?…

I thought this was about transparency… People want to know that their regulators are watching out for the American public, not the banks.

No, as I said, watching out for the American public seems to be falling on Elizabeth Warren’s shoulders. We need 100 more like her.

elizabeth warren banking committee hearing

Elizabeth Warren on Pres. Obama’s chained CPI proposal: “We cannot allow Social Security to be dismantled inch by inch.”

elizabeth warren banks

chained cpi social security 2

From my inbox (bolding is mine):

Elizabeth Warren for Massachusetts

Hi Laffy,

My brother David has always had the special spark in our family.

Like our two older brothers, David served in the military. When he got out, he started a small business — and when that one didn’t work out, he started another one. He couldn’t imagine an America where he wasn’t living by his wits every single day.

Year after year, my brother paid into Social Security. He never questioned it. He figured he was paying so that he — and a lot of other people — could have a secure retirement.

Today my brother lives on his Social Security. That’s about $1,100 a month. $13,200 a year.

I’m telling you my brother’s story not because it’s unusual, but because it’s like the story of so many other people. I can almost guarantee that you know someone — a family member, friend, or neighbor — who counts on Social Security checks to get by.  

That’s why I was shocked to hear that the President’s newest budget proposal would cut $100 billion in Social Security benefits. Our Social Security system is critical to protecting middle class families, and we cannot allow it to be dismantled inch by inch.    

The President’s policy proposal, known as “chained CPI,” would re-calculate the cost of living for Social Security beneficiaries. That new number won’t keep up with inflation on things like food and health care — the basics that we need to live.

In short, “chained CPI” is just a fancy way to say “cut benefits for seniors, the permanently disabled, and orphans.”

Two-thirds of seniors rely on Social Security for most of their income; one-third rely on it for at least 90% of their income. These people aren’t stashing their Social Security checks in the Cayman Islands and buying vacation homes in Aruba – they are hanging on by their fingernails to their place in the middle class.

My brothers and I grew up in an America that invested in its kids and built a strong middle class. An America that allowed millions of children to rise from poverty and establish secure lives. An America that created Social Security and Medicare so that seniors could live with dignity.

We can’t chip away at America’s middle class and break the promise we make to our seniors.

Thank you for being a part of this,

Elizabeth

Doonesbury: Elizabeth Warren’s hearing on CSPAN could go viral

Elizabeth Warren gobsmacked

doonesbury elizabeth warren cspan

Garry Trudeau has an Elizabeth Warren story arc that comes and goes, and right now, it comes. The Joanie character realizes that she is about to be very visible on CSPAN, and we now get to see how this unfolds and what this means, all through Trudeau’s eyes.

Which is an awesome way to see anything.

Shhh! FDIC made settlement deals with banks rather than sue– and promised not to tell.

banks too big to jailwhat's the big secret

Elizabeth Warren said, “When banks are too big to fail, too big to jail, too big for trial, too big to regulate, too big to shrink… they are just too big.”

Gee, ya think she’s on to something? She also said:

This is wrong — just plain wrong. We are a country that believes in equal justice under the law — not special deals for the big guys. And that’s not all the special deals that the big banks get.

Which brings us to a rather lengthy L.A. Times above-the-fold front-pager that could have been subtitled:

shhh

[T]he government cut a deal with the bank’s lawyers to keep it quiet: a “no press release” clause that required the FDIC never to mention the deal “except in response to a specific inquiry.” [...]

Under the Freedom of Information Act, The Times obtained more than 1,600 pages of FDIC settlements, made from 2007 through this year with former bank insiders and others accused of wrongdoing. The agreements constitute a catalog of fraud and negligence: reckless loans to homeowners and builders; falsified documents; inflated appraisals; lender refusals to buy back bad loans.

Defendants benefit by settling because they can avoid admitting guilt and limit the damages they might face in court. The FDIC benefits by collecting money without the hassle and expense of litigation. The no-press-release arrangements help close those deals.

Here’s what Quicken Loans spokeswoman Paula Silver had to say:

Quicken Loans and the FDIC entered into a ‘confidential’ agreement nearly three and a half years ago which clearly states that no party admits liability nor wrongdoing.”

Former bank examiner Richard Newsom, who specialized in insider-abuse cases for the FDIC in the aftermath of the S&L debacle, said he couldn’t understand the shift, unless the agency doesn’t “want people to know how little they are settling for.”

And coincidentally, as I was writing this up, I spotted this tweet:

tweet fdic deals banks

Elizabeth Warren: “When banks are too big to fail, too big to jail, too big for trial, too big to regulate, too big to shrink… they are just too big.”

elizabeth warren senate banking committee hearinggo get 'em

http://warren.senate.gov
Senator Elizabeth Warren’s Q&A at the March 7, 2013 Banking Committee hearing entitled “Patterns of Abuse: Assessing Bank Secrecy Act Compliance and Enforcement.” Witnesses were: David Cohen, Under Secretary for Terrorism and Financial Intelligence, United States Department of the Treasury; Thomas Curry, Comptroller, Office of the Comptroller of the Currency; and Jerome H. Powell, Governor, Board of Governors of the Federal Reserve System.

Too big to fail has morphed into too big to prosecute. Attorney General Holder:

I am concerned that the size of some of these institutions becomes so large that it does become difficult for us to prosecute them when we are hit with indications that if you do prosecute, if you do bring a criminal charge, it will have a negative impact on the national economy, perhaps even the world economy. And I think that is a function of the fact that some of these institutions have become too large.”

Today, Senator Warren sent this email out:

Laffy–

Attorney General Eric Holder indicated in testimony before the U.S. Senate that some Wall Street banks have gotten so big that they are now above the law.

He actually said earlier this week:

I am concerned that the size of some of these institutions becomes so large that it does become difficult for us to prosecute them when we are hit with indications that if you do prosecute, if you do bring a criminal charge, it will have a negative impact on the national economy, perhaps even the world economy.

This is wrong — just plain wrong. We are a country that believes in equal justice under the law — not special deals for the big guys. And that’s not all the special deals that the big banks get.

According to recent calculations by Bloomberg, the top ten biggest banks receive an $83 billion subsidy every year in the form of lower borrowing costs — something not available to your community bank or credit union. The markets think that, if things get tough, the government will be there to bail out the big banks again but not the little guys.

To put things in perspective — that $83 billion subsidy is about the same amount of money being fought over in the sequestration.

So why are we still debating this issue at all? Isn’t it obvious that the “too big to fail” problem still exists and is bad for small banks? Bad for taxpayers? Bad for our economy? Bad for justice?

Here’s one theory that worries me: maybe people believe that the banks have in fact become too big to shrink. They have started to say that we can’t cut these banks down to size.

I’m not one of them, and neither are colleagues of mine like Sen. Sherrod Brown who have been fighting hard on this issue. We know we can take on the big banks and their army of lobbyists and win because we’ve done it before.

When banks are too big to fail, too big to jail, too big for trial, too big to manage, too big to regulate, too big to shrink, and too big to reform… they are just too big.

We’re just getting started here.

Thank you for being a part of this,

Elizabeth

Have I mentioned how utterly thrilled I am that she’s a U.S. Senator? We need 99 more like her.

VIDEO: Jeb Bush won’t “rule out” 2016 run. “What’s in a Name: Another Bush in the White House is just unthinkable.”

jeb bush george bush

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Jeb Bush was on the Today Show saying he wouldn’t rule out a 2016 run for president and this, via First Read: No pathway to citizenship for illegal immigrants. See how inclusive and revamped the Republican party has become?

And with that, another guest post is by our pal and regular TPC contributor, David Garber:

WHAT’S IN A NAME?

I guess when you’re buying jeans, you can go for an old standby like Levi’s or Lee and nobody’s going to say too much. Not designer, but accepted and reliable. They wear well.

When you buy dinnerware it’s always nice to see a name like Mikasa or Noritake. Plain, simple and durable. Fit for any occasion.

And when you’re looking for golfing equipment, Titleist and Callaway are fine names. Brands that reassure you of quality.

But when it comes to politics, there are certain names that you want to stay away from — Howie Cheatum, Ima Felon and Dewie ‘Rob’ Hughall — Oh, and anything Bush. Yup, Bush.

Just this morning, on the Today show, Jeb announced he’s considering a run for the White House in 2016. This famous brother and son, Jeb (the Jethro of the Clampett clan) revealed he’s open to finish the job destroying what’s left of this country after his family has already weakened it. This would be the first time three members of the same immediate family took the reins of this country.

And borrowing from the famous Alka Seltzer ditty, “Plop, plop, fizz, fizz, oh what a relief it is — NOT!” Another Bush in the White House is just unthinkable. Though he’s probably — no, definitely — the most capable of the Three Stooges, Moe, I mean Jeb, is just another puppet for the war-loving iconoclasts from the past. He’s a man with the same myopic vision as his other family members. As he’s supposedly bi-lingual he should understand this (or Marco Rubio can translate it for him): “Sólo él no.” Which means, “he just won’t do.”

So this is a movement that must be nipped in the bud. Now that he’s made it clear he’s available and interested, it’s incumbent upon all of us to make it known that we’re not… Just like Zenith, for out next president, we want the quality to go in before the name goes on. Bush is just another Philco, which rhymes with Bilko, and that candidacy would be just as crazy. We might as well try to enlist a chimp (for those of you old enough to remember the classic Sgt. Bilko).

Dump the Chump — and all his family. If we want to see a Dynasty, go rent it on Netflix. If we want our country to go upwards, let’s look to valid leadership — not pick a Bush and coast downhill. Scary thought that the Bushmobile is ready to roll once again. How many ditches can it drive us into?

My diatribe begs the question about the inevitable front-runner for the Democrats – Hillary Clinton. During 2007 and 2008, I categorically said no for the same reasons I say no to Jeb now. He hasn’t done anything that makes him worthy. Yet now that Hillary has not only served as senator (just satisfactorily) and as Secretary of State (most admirably) I think she’s earned commander-in-chief stripes.

Would her election be a dynasty? Not really. Two Harrisons served as president and two Adamses served likewise, yet no one speaks today of that as a dynasty. Jeb, just like his father and brother were mistakes — and we paid the price for it. A total of three wasted terms 12 years of downward spiral. Shouldn’t we learn from our mistakes? This acorn didn’t fall far from the tree — he’s just another branch of the same shaft.

Truth is, the shining star for the progressives out there is a first term senator — a woman who has business experience, strong governmental understanding, tremendous vision and a remarkable backbone — a woman who won’t back down in representing, “We, the people.” She took on and defeated her popular Republican pretty boy opponent quite handily. Her name is Elizabeth Warren.

Obama only served one term as Senator and was elected, then re-elected. And overall he’s done a fine job. There have been mistakes, but no one will prove to be error free. Perhaps Warren is short on elected experience, but what can an established politico do that a newcomer couldn’t? Keep her in mind if Hillary isn’t your cup of tea or if she elects not to run.

But make no mistake — a vote for returning to a Bush to the White House with anything other than a visitor’s pass is a vote to destroy our freedoms and perhaps even democracy. One must be worthy of the position of POTUS. Being a member of a family doesn’t qualify. Mrs. Clinton now has. Elizabeth Warren is getting there. Jeb? Not so much.

Let’s move forward, not back.

For the past 25 years, David Garber has been serving as the show runner and or writer on some of television’s biggest hits… Saved By The Bell, Power Rangers, 227, Bill Cosby Show and many other network series. His writing and producing have also netted David two very prestigious awards:the PRISM AWARD and the TV CRITICS AWARD – TV SPECIAL OF THE YEAR. Currently he’s authoring a short story series called “A Few Minutes With…”

Elizabeth Warren speaks truth to power on her first day on the Banking Committee

elizabeth warren banks

Via the Facebook page New York Communities for Change:

Senator Elizabeth Warren spoke truth to power at her first Banking Committee hearing when none of the witnesses could give an example of the last time a Wall Street Bank was taken to trial. LIKE & SHARE if you want Senator Warren to be your valentine!

There are so few Congress members who are truly willing and able to use their voices so clearly on our behalf, and who would take risks for us by confronting those who so many others are either beholden to, cowed by, or both.

Warren killed it. Again.

Ironically, Politico is reporting that Warren is staying out of the spotlight the way Hillary Clinton did (and Al Franken, come to think of it). But keeping a low public profile is quite different that making herself heard loudly and clearly when it comes to direct challenges:

“Since taking office, Warren has kept the lowest of profiles, speaking only to select Massachusetts media outlets while shutting out the national press save for a smattering of interviews, most notably with the liberal-friendly Huffington Post. For a left-leaning icon and national media darling, the role of silent senator is a sharp departure from her rousing campaign and outspoken consumer advocacy.”