Elizabeth Warren Introduces COP Report on Foreclosures

Chairwoman Elizabeth Warren of the Congressional Oversight Panel introduces the March Oversight Report entitled: The Foreclosure Crisis: Working Toward a Solution. In this report, COP examines the roots of the foreclosure crisis and offers a checklist for evaluating proposals to deal with this problem.

From the beginning, the Treasury Department has used its funding through the Troubled Asset Relief Program (TARP), to stabilize the financial institutions that lie at the top of the economic pyramid. COP members believe that the country will not be able to pull out of this recession and end the financial crisis without a plan to address the foreclosure crisis at the root of the downturn.

Category:

News & Politics

Tags:

• elizabeth warren
• foreclosure crisis
• obama foreclosure plan
• housing crisis
• recession
• financial crisis

[bobbygnosis]

While I recognize that this committee she's on is only about this one small section of the economy I wish she was saying more about fraction reserve lending. The biggest reason for inflation of prices and higher risk financial endevors is due to fractional reserve lending as endorsed by the 1913 Federal Reserve Act.

This problem will not go away until monetary policy is understood and thought through. Good luck to us all. Look up the privately owned Federal Reserve for details.

Peace.

[CarryANation]

yes agreed.

CDS should be considered fraudulent, therefore, unenforceable contracts. Make whatever deal is necessary with China (we already did Wednesday), but AIG is BANKRUPT, Citi is BANKRUPT, BofA is BANKRUPT.

So are Goldman Sachs, Morgan Stanley, and yes, JP Morgan Chase. Put them all under FDIC now and stop this fraudulent charade. Democrats bailing out hedge funds for their cronies, Obama is WORSE THAN BUSH.

[beornborg1]

You're probably right it appears the REAL issue was letting the financial people push derivatives (i.e. Alan Greenspan) all these years. Didn't Buffet call then financial "Weapons of Mass Destruction"?

What about making the people who are getting the CDS payout take the face value of the thing in ... say the amount of common stock (in whatever company issued the CDS) on the day it was issued?

When we (the US) give money to these people aren't we getting that kind of crappy deal?

[CarryANation]

"The sub-prime problem is being horrifically magnified by the derivatives (CDS). "

NO

The problem is the "derivatives (CDS)"

People who can't afford their mortgage get evicted, we don't bail them out.

This "Oversight Committe" run by this liar Elizabeth Warren is nothing but a distraction, and a white wash for criminals.

This has nothing to do with "mortgages" this has to do with derivatives. Stop lying, liars.

[beornborg1]

Damn you're right. The sub-prime problem is being horrifically magnified by the derivatives (CDS). I was distracted by the thought of who was getting rich off of the crash (i.e. who the was being funneled all the CDS money). The approach should probably be focusing on DISARMING the derivatives.

[CarryANation]

Anyone saying CRA is a cause is a racist that hates poor people, and factually incorrect (since CRA is defaulting less than the subprimes). That's just a GOP talking point, ignore it.

Anyone complaining about *mortgages* is lying, like this liar Elizabeth Warren of the TARP "oversight" white wash committee, because this has NOTHING to do with mortgages, and everything to do with derivatives and credit default swaps, naked short selling, and outright FRAUD that makes Bernie Madoff look innocent.

[beornborg1]

No, I was trying to be funny. But I guess that failed. :( I'm not associated with anyone in finance, and I'm way too old to be an intern. :)

What bugs me the most is I don't know where the money is going. And from what I've heard (i.e. Gramm-Leach-Bliley) seems to be a major part of the whole mess. I have heard people say the CRA is a cause, from what I've seen that's a real load of BS. I am hoping that the economy can be saved w/o enriching the financial people who got us here.

[CarryANation]

"if the money was going into some pension fund, it might sting less "

You are a intern doing PR aren't you? You have only one subscription, to this channel. Are you working PR for the TARP bailout?

What you are doing is saying the bailout money is going to our retirements, so it's ok to bailout the banks aren't you?

[beornborg1]

And if the TARP money is being used for that I'd like to know who's getting the money. Why can't we get AIG to say who purchased their CDSs? Maybe, if the money was going into some pension fund, it might sting less (though I doubt it).

[CarryANation]

"Toxic mortgages" - notice how she is redefining the subject here - the term "toxic" was used for the derivatives - not the mortgages - but she is trying to trick people into believing that the banks are going under because not enough money is coming in on people's mortgages.

This is diversion and distraction and deceit from what is actually happening with TARP, hedge funds are being paid off for derivative bets with Goldman/Morgan et al.