Elizabeth Warren Helped Shoot Down Bill That Would Have Sped Foreclosures

[IDemo]

Elizabeth Warren was the first senior Obama administration official to recognize the potentially incendiary impact of a bill that would have made it significantly easier for mortgage companies to foreclose on homes, and her subsequent warnings played a crucial role in persuading the President to veto the measure, according to freshly released documents and people familiar with the deliberations.

The disclosure that Warren was instrumental in halting a bill that would have streamlined the foreclosure process comes as she confronts fierce criticism from Republicans on Capitol Hill for the way she was appointed to construct a new consumer financial protection bureau, and characterizations that she is inclined to take an overly punitive tack with Wall Street.

A long-time advocate for greater regulation of the financial system and a prominent critic of predatory lending, Warren now finds herself at the center of an intensifying debate over the relationship between the Obama administration and the business world.

For consumer advocates, who have long decried what they portray as Wall Street's outsized influence in Washington, Warren represents their greatest hope that big banks will be more tightly supervised following the worst financial crisis since the Great Depression. For a vocal group of business leaders and their Republican allies, Warren has become Exhibit A in their case that the Obama administration is anti-business.

http://www.huffingtonpost.com/2010/11/24/elizabeth-warren-calendar_n_788120.html

[arcane1]

1. I'm still agry at how CLOSE this came to passing

without fanfare, without media attention, without even any accounting of who voted "yes" :mad:

[MindandSoul]

2. I love Warren! I trust her judgement and hope she gets more and more influence on Obama

[Samantha]

3. This is an extremely informative article

Thank you very much for posting.

Sam

[customerserviceguy]

4. That doesn't make her heroic in my book

All that law would have done is treat notarial acts the same as any judicial act that is recognized across state lines, as the full faith and credit clause of the Constitution requires.

It will delay the day the recession ends, we have no hope of that happening until real estate prices are viewed to have hit bottom. And that won't happen as long as there is a backlog of foreclosure properties that still need to be processed and resold to people who can actually afford them.

Yes, it's tough for folks to deal with foreclosure. But it's the natural consequence of the banksters making loans to people who couldn't pay them, in a bubble market. Yes, the foreclosed people are losing homes, but the financial system is taking a bath, as well. That includes those Federally-owned agencies, Fannie Mae and Freddie Mac. That's our tax dollars on the line, too.

The best chance the President had to get reelected was to have the recession over with by November, 2012. If that doesn't happen, the Repukes will be able to win the election with a trained monkey as their candidate. Or a Mama Grizzly.

[Octafish]

5. And how many people opposed her appointment to head the Consumer Financial Protection Agency?

Oh yeah. She didn't get the appointment to head the Consumer Financial Protection Agency.

The government of the United States could use about 1 million Elizabeth Warrens right now.