It turns out that the biggest weapon we as consumers have to wield against financial predatory practices (the one that scares big banks the most) is one of my own personal heroes Harvard Law Professor and Chairman of the TARP Oversight Committee -Elizabeth Warren. (See video below)
While the financial industry continues to fear the proposed implementation of a Consumer Financial Protection Agency it seems they are even more fearful of what might come along with it. They are worried that if this agency becomes a realitty -Warren could be at the helm- in charge of it and them. We can only hope!
A recent Boston Globe article addresses Warren's background and commitment to consumer advocacy that not surprisingly was born out of her own life experiences.
According to the Globe, her say-it-like-it-is articulate critique of predatory lending practices by big banks and mortgage companies is drawing plenty of ire from her critics who position her as a hater of banks. Her response to that, is one many of us can relate to; "That is just wrong. What I hate are banks that cheat people.''
Read the Boston Globe article in its entirety. Here's a couple short excerpts from it.
"She was once a registered Republican who believed that most families who filed for bankruptcy or had their homes foreclosed were irresponsible. It was only after years of study, she said, that she determined that many families were not primarily at fault. In Warren's view, the imposition of tougher bankruptcy laws made it more difficult for many people to forestall foreclosure on their home loans and played a role in the subsequent financial meltdown."
"...Elizabeth Warren is the nation's leading economic David, fighting to protect middle-class families from corporate Goliaths..."
Watch this earlier video where Elizabeth Warren appears on the Daily show. She details how much taxpayer money Wall Street received and what they've done with it.
While the financial industry continues to fear the proposed implementation of a Consumer Financial Protection Agency it seems they are even more fearful of what might come along with it. They are worried that if this agency becomes a realitty -Warren could be at the helm- in charge of it and them. We can only hope!
A recent Boston Globe article addresses Warren's background and commitment to consumer advocacy that not surprisingly was born out of her own life experiences.
According to the Globe, her say-it-like-it-is articulate critique of predatory lending practices by big banks and mortgage companies is drawing plenty of ire from her critics who position her as a hater of banks. Her response to that, is one many of us can relate to; "That is just wrong. What I hate are banks that cheat people.''
Read the Boston Globe article in its entirety. Here's a couple short excerpts from it.
"She was once a registered Republican who believed that most families who filed for bankruptcy or had their homes foreclosed were irresponsible. It was only after years of study, she said, that she determined that many families were not primarily at fault. In Warren's view, the imposition of tougher bankruptcy laws made it more difficult for many people to forestall foreclosure on their home loans and played a role in the subsequent financial meltdown."
"...Elizabeth Warren is the nation's leading economic David, fighting to protect middle-class families from corporate Goliaths..."
Watch this earlier video where Elizabeth Warren appears on the Daily show. She details how much taxpayer money Wall Street received and what they've done with it.
| The Daily Show With Jon Stewart | Mon - Thurs 11p / 10c | |||
| Elizabeth Warren Pt. 1 | ||||
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Outstanding article. Consumer protection is AT THE HEART of the entire mortgage holocaust. It would be really awesome if people would just GET that. IF the government continues to relax it's attention to basic consumer protection laws, we'll be... well, we'll be communists and speak Chinese.
Brava! Elizabeth Warren isn't afraid to tell the truth and we need to count that as a big blessing. She is our voice. If they want to say she hates banks, who cares. Their actions would warrant it. I think she speaks for many of us. Denise said something similar in another report but I reiterate it. Hey Elizabeth, you go girl go!
Everytime I have seen Elizabeth Warren in interviews, I have really liked her. I believe she is in Michael Moore's new film as well. I felt a little lull in the plight of the mortgage regulation push at the end of the summer. But, since we have come full circle with the TARP bail-out and Obama's election, it seems that people are starting to look around and see that not much has changed. The banks have made lots of money but the rest of us have still suffered. Foreclosure rates are on the rise and not one thing has been done to change the mortgage business.
www.stopmortgageservicers.org
The current foreclosure crisis is an appalling testament to values that pave America's streets.
Evicting millions of families, with elderly, young, pets, unemployed, disabled, ill, or otherwise unable to recover from the loss of a fundamental survival need (shelter) is immoral, unethical, and in many of today's cases ILLEGAL, based on fraud!
A Wall Street bet gone bad and everyday Americans are dispossed of their homes?
WHO WANTS TO SIT BACK AND QUIETLY ACCEPT THIS? What kind of a country allows this to happen to MILLIONS of families?
Defend your homes America! DEFEND YOUR HOMES!
Lisa E