Sunday, April 14, 2013

Elizabeth Warren Blasts Regulators For Protecting Banks

Sen. Elizabeth Warren (D-MA), who has previously shown an unwillingness to accept the evasions of bank regulators, grilled federal officials about illegal bank foreclosures at a Senate Banking Committee hearing on Thursday. She wanted to know if they would give information to victims of illegal foreclosures–or if they just want to protect the banks. Warren asked, "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 you're going to do that?" Watch:

ELIZABETH WARREN: Would it be helpful, if you’re going against one of these big banks, would it be helpful to these families to have the information about their case that’s in your files?
RICHARD ASHTON, DEPUTY GEN COUNSEL, FEDERAL RESERVE: It would be helpful, obviously, to have information related to the injury – yes it would.
WARREN: So do you plan to give the families this information? That is, those families that have been victims of illegal foreclosures, will you be giving them the information that’s in your possession about how the banks illegally foreclosed against them?
ASHTON: I think that’s a decision that we’re still considering making. We haven’t made a final decision yet.
WARREN: So you have made a decision to protect the banks, but not a decision to tell the families who were illegally foreclosed against?

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