Elizabeth Warren is not wasting any time trying to get answers from Wall Street’s regulators. Warren asked for documents relating to the recent mortgage settlement.
U.S. lawmakers on Thursday asked bank regulators to turn over documents related to the $8.5 billion settlement that ended a government-mandated review of crisis-era foreclosures, saying transparency was needed to boost confidence in the settlement.
Senator Elizabeth Warren and Representative Elijah Cummings, both Democrats, said the Federal Reserve and the Office of the Comptroller of the Currency (OCC) must address concerns that financial institutions have not been held accountable for misdeeds during the 2007-2009 U.S. financial crisis.
The mortgage settlement was essentially a give away to Wall Street that eliminated the last remaining chance homeowners had for justice.
The two regulators involved in the settlement, the OCC and the Federal Reserve, are notorious for the favoritism they show to Too Big To Fail banks such as those involved in the mortgage settlement. The document request by Warren could be the first step in a process that could ultimately result in Senate hearings on the mortgage settlement.
Wall Street was already petrified of Elizabeth Warren and tried to destroy her – first working behind the scenes to make sure she could not head the Consumer Financial Protection Bureau then giving copious amounts of money to her opponent for the Massachusetts Senate seat, Scott Brown. Wall Street won the first round and lost the second.
Now Warren is in power and it appears Wall Street’s worst fears are coming true – their misdeeds will be scrutinized and they will face oversight from Congress.
Photo by Consumer Financial Protection Bureau in the Public Domain