Senator Warren to Watchdogs: Bring More Banks to Trial

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Senator to watchdogs: bring more banks to trial

(Reuters) – A senator critical of Wall Street took regulators to task on Thursday for failing to take banks to court over misconduct, coming out swinging in her first public appearance as a member of the Senate Banking Committee.

Elizabeth Warren, a Massachusetts Democrat, said U.S. financial regulators appear to have focused too much on ironing out settlements with large financial firms, as opposed to taking them to trial for alleged misconduct.

Her comments quickly became the highlight of a hearing with the heads of seven regulatory agencies responsible for cracking down on financial abuses and preventing another blowup like the 2007-2009 financial crisis.

“The question I really want to ask is about how tough you really are,” Warren said, drawing applause from spectators in the packed room during an otherwise low-key hearing.

“I’m really concerned that too-big-to-fail has become too-big-for-trial,” she said.

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Comments
8 Responses to “Senator Warren to Watchdogs: Bring More Banks to Trial”
  1. Rebecca Lara says:

    I’m pusses off honestly
    This fraud has become such a scam in the courts for the American people who lost their worlds everything because of fraud and what toss them a bone United States of America
    How the hell were the Americans to know that their lenders banks would do them so wrong unfair in every way that a loan fraud could happen it has what’s next.

  2. Rebecca Lara says:

    This started 2011 IFR to complet return by feb 2012 this review was for Americans who were wrongfully foreclosed . As said they would get their justice served for any and all injuries of wrongfully foreclosed Then so many different kinds of wrongs that are fraud. Too many it seems because no matter what they do not want the truth to come out or punish the lenders.where americans had mortgage loans. Then all of a sudded there’s three four banks how does a deed note get signed over 4 times ?
    I have the person who sold to me his paper and also mine original that was to all go with or onto the next loan or purchaser. But robo came then tri party then Mers then the ignorant human that did not have the knowledge of loans banks foreclosure and law courts. So this gave them one up. Blaming the foreclosed American of doing it wrong not submitting using correct words articulating in a Legual way for courts banks. They are given a feet out of jail free card and the homeowner who was to they were making sure that justice would be served only one more political scam. Cover up in occ federal reserve I contacted occ 2010 or jan 2011 also GSA its funny how America doesn’t give a fork about their own but let another arrive from any country and they can get what ever they need free school cheaper loans start businesses even housing edd helps the non Americans get into housing programs all the time. Lol I older adult disabled on extremely low limited income homeless SSI disability under 950.00 a month did not qualify just as I did not qualify for help to save our home of 22 years. Only as I was told over phone that my foreclosure started way before I missed a payment prior to this one I did not miss one from 2007 up
    At time fighting doing program after everything they wanted plus I had no idea what was what that’s what HUD s approved program was for but they had no clue either then three years plus after first starting my fight to save i got into my papers had a room to work on I live in my car
    Well what am I seeing errors typos one date typed 2 other 02 then no signature what the f ? HUD had wells had these robo docs copies did they say anything no they knew
    But as things happen for reasons they say 1998 my divorce court judge ordered this was not able to be done then finally march 2006 have every copie even the receipt of filling hall of records who would think that they wouldn’t be
    Dam it America look the judges are not even standing up for the people why who pays who?
    I had no clue to and then found my papers from court keep important ! Great so the laws say I had no fraud. Do they. Honestly screw this dam country who cares ..? Realky not any of our justice system. If it did American who honestly tried doing and yes asking for help when needed not get but I saw Americans get help who had $3,500 a month to no problem $2,600. If I was able to have that high of a payment I did not need help come on get it right keep turning your heads blinded lol. Selectively
    What a dam joke we’d get our justice served they had my story then this come up so they have a new or other law to protect them then its that or this so just toss the little guy farther out in the streets. Why not ? Nothing different then its been

  3. Sarah says:

    Liz should be attacking Bankster Obama. From his STOU speech:

    “Right now, overlapping regulations keep responsible young families from buying their first home. What’s holding us back? Let’s streamline the process, and help our economy grow.”

    That’s right, the only way the Banksters can return to profitability is to blow another bubble, and they need the Gov’mint once again to take care of them in another wave of foreclosures after they hand out loans that can’t and won’t be repaid. Come on Liz, really upset some people (in your own party) and see what happens!

  4. talktotennessee says:

    Okay if they settled the independent review process for 9.3 billion or whatever then what happens to the individuals who filed for a review and remedy? Like every other civil suit is the money just swallowed up by our government and the homeowner who was wronged gets nothing unless he can sue? Believe me I have sued twice and both cases went nowhere. I don’t have the money to fight a big bank and they know it. They basically wear out your attorney and he or she gives up because there is no response to efforts to modify loans. i fought this for years and the banks lawyers just sit back and collect their windfall fees from the bank and literally wear out plaintiffs and their legal help. No one can fight that without a collective group battle, either class action or attorney generals efforts.
    NO ONE IS FIGHTING FOR THE INDIVIDUAL WHO LOST OR IS LOSING THEIR HOME BECAUSE OF FRAUDULENT DOCUMENTATION OR PROCEDURE!
    The banks are literally STEALING homes in non-judicial states and in judicial states, the proverbial mantra is YOU SIGNED A NOTE YOU OWE SOMEONE SO YOU DON’T GET A FREE RIDE!
    Warren said as much in her argument but like before is anyone including our president paying attention? Are the regulatory agencies paying attention? Is Congress paying attention!
    H- – – NO!!!!
    A

    • judemcdonald says:

      YOU have it and I have forgeries & fraudulent documents by Bank of America, Blank/Rome law firm I am #179390507 and I WAIT for Attorney General Biden Office to HELP!

    • And the government made money through torts committed in private contracts, which they were not a party to. That is unjust enrichment. I would also argue that it gives a wronged homeowner a right to “contribution” from the states.

      If you also read the mortgage loan contracts, the “lenders” were estopped from entering into a court settlement without first giving notice to the borrowers.

    • Yode says:

      This is just my opinion and I am not giving legal advice. I would not want to be a lawyer. Believe me, I understand your frustration. However, you must realize that as soon as you hire a lawyer you have given up your rights and are deemed incompetent. Then you have a member of the same club (Bar) as those trying to steal your home “representing” you. Now, I am not saying that all lawyers are totally bad, but they have to operate within certain “boundaries” that are less stringent upon one of the people. For instance, a lawyer may not wish to push a particular issue for fear that he or she may upset the judge that he or she will have to be before many times in the future or even need a recommendation from for a government position (say, Assistant State or District Atty.) A lawyer will almost never challenge the jurisdiction of a court or even question if a lawful contract exists between the alleged counsel for and the bank allegedly coming after your house. You see, your promissory note was “paid” within 72 hours of your “closing”. I have never seen a bank admit (by producing a certified copy of a contract whereby they authorize a “law firm” to represent their alleged interest in real property to bring suit) to initiating a foreclosure action. Since the bank never gave you anything (remember the “note” was “paid” within 72 hours of your signing it and if you don’t believe me, just look at a copy of it in the foreclosure complaint (if they could even produce the “note”) and you will see the words “Pay to the Order of” stamped on it just like a check which HAS BEEN PAID!) If the bank admits to being a party to the action, THEY JUST ADMITTED TO FRAUD. (Of course, no lawyer will ever admit to this, much less fight for your house using this fact). It is all contract law, and everything from the mouth of a judge or the alleged lawyer for the bank is an offer. If you say nothing in response to these “offers”, you accept them (and most of the time they are fraudulent claims being made, but it doesn’t matter if you don’t object!) It is also important that you state in documents you file challenging something the alleged lawyers claim (and you should challenge almost everything, ESPECIALLY that they are “representing the bank”), that if the court does not uphold these challenges (as long as these challenges are valid) that the court assumes all liability for giving the opposing alleged counsel a “pass”. In short, assume nothing the judges or lawyers say is true. Demand written, signed and certified copies of someone’s acceptance of the responsibility AND MORE IMPORTANTLY, THE LIABILITY for everything! Again, THIS IS NOT LEGAL ADVICE, JUST COMMON SENSE from someone who is learning just like everyone else.

  5. Yode says:

    Is it any wonder why Congress, under pressure from their handlers (banksters) moved to and severely cut funding for the CFPB (Consumer Financial Protection Bureau) which was basically created by Elizabeth Warren? Remember how it took almost (or maybe even over a year) to get someone appointed to head this newly created consumer rights “watch-dog” regulator after Elizabeth Warren was removed from the position? Is it any wonder why these same banksters did everything they could (short of having her killed) to keep Elizabeth Warren from having a seat on this Committee? It will be interesting to see just how far they allow her (Elizabeth Warren) to go with this. She is asking questions we all would like to know the answers to (or at the very least see the criminal conspirators in government and the banksters they serve be made to answer). We should all send this far and wide, recommending that everyone send a letter of support to Elizabeth Warren’s office letting her know that we the People have known of this fraud for a very long time, the collusion of government in this fraud, and that we respect and support her for the courage she has shown to expose it.
    Please make this viral and go here http://www.warren.senate.gov/contact.cfm to send this brave woman a message and show her your support for exposing the banksters fraud and the government collusion in that fraud we all know exists.

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