Elizabeth Warren and all her constituents should be holding congressional hearings into this bank fraud that hurt so many investors in Fannie and Freddie before any unconstitutional bill is voted on.
I am pretty much open minded when it comes to peoples protections and rights under the law. I believe any bill passed by our governing body should include fairness and protections afforded under the constitution. Government appears to be wrong so why should I not object.
All of these senators know who committed the fraud. Will they come out from hiding like you said and admit it that that was problem that caused the collapse like she did. Mrs. Warren has a real conservative's total respect now. She might would even win the white house if she sticks to these convictions and tries to do something about it. . I certainly would vote for her.
Your right She is the first one to step up and acknowledge the bank fraud and say it publicly. I applaud her for this.
And what is weird about the way this is happening is I thought Obama hated the 1% crooks but yet he all of a sudden he is throwing his supports behind a poorly written bill that the CEO of the Mortgage Banking Association Supports. What has convinced Obama that Me and You as small investors are evil. I am sure these big guys with billions have manipulated the markets but there are so many that would get hurt that are small investors. Never in my life have I felt more confused by a leaders action. I am trying to like the guy and not bashing him but certainly his policies have been the wrong direction.
I don't know about you john but how much " change we can believe in" can succeed under one administration and Americans not saying enough is enough.
Politicians just need to never let the banks defraud the current system again and prosecute them for their ill will for thinking they got away with it. Elizabeth Warrens comments yesterday should scare the criminal bankers a little and hopefully the people will start to see political actions in Washington that serve the common good without outside influences . I would like to see more congressional action to prosecute some of these CEO bankers for their actions that caused the collapse because America is better than this. THATS CHANGE WE CAN BELIEVE IN.
this will be just another lawsuit against the government if it ever passed that would have to be ultimately decided by the supreme court. DON'T THESE LAWMAKERS KNOW THIS.
Hopefully we start seeing updates or an opinion from a competent authority(courts) that protects ones property rights soon. The first one needs to be on the 28th, 30th and then once a week until it gets set to go to trial.
The good news is the courts have taken this matter up and we are in the discovery phase. Sweeping total profits by changing the terms of an agreement after taxpayers have been paid back seems illegal to me. Its not coincidence that they changed those agreements at the very time both GSE's returned to profitable health. Courts cannot possibly rule in favor of government to take some ones property or ignore their rights. That would be ludicrous and this is why I think Investors win easily.
The Banking support is a clear signal that we do not care if small investors or hedge funds lose because of our ill will to defraud them because of loose regulations. THEY HAVE SOME GALL!!!
Why else would you have the CEO of the Mortgage Banking Industry supporting it. Elizabeth Warren hopefully convinces some of her colleagues not to support such an atrocity.
Unless of course she is one of those democrats that could vote yes and read it later types.
First it needed to be said by someone in her position and it was right before or after the CEO of the Mortgage Banking Association wrote what he wrote. Good timing or what? . She said it without hesitation and those statements go against the worlds most corrupt individuals that are parading around Washington still after what they did. ITS A START NOW LETS SEE WHERE IT GOES FROM HERE. She also said they dumped those fraudulent mortgages on the economy in which we all know it was investors of Fannie and Freddie that had nothing to do with loose regulation and bank fraud. Lawmakers are not dumb people they know exactly what happened and who has been hurt from this bank fraud. Now whether or not she acts or does like you said is another thing. Based on her comments you would have to think she could not support the Crappo bill that ignores shareholders rights.
They do not need to keep sweeping all profits since taxpayers have been paid in full. The government needs to make this right for everyone.
Why not do this instead Government keeps its stake in a newly released FNMA and FMCC. They get a 10% dividend and the rest of the 90% of the profits go back to the shareholders. That's there 10% first loss covered if there is another slowdown. As long as they have good rules in place for the banks to follow this would appear to be the most plausible fix. This also restores fairness to the system and protects taxpayers. .