Documents: Elizabeth Warren Persuaded Obama To Reject Foreclosure-Friendly Bill
I have to say, I wondered if Elizabeth Warren would be able to make a significant difference in the West Wing environment. I’m very pleased to see she’s having an impact: : 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. The decisive way in which she labored behind the scenes to stymie a bill that would have eased requirements for documentation in the foreclosure process underscores how her arrival has altered the administration’s relationship with major banks. The bill, which passed both houses of Congress and awaited President Obama’s signature to become law, essentially would have compelled notaries to accept out-of-state notarizations, regardless of the rules in those states . What I don’t get is, why is the White House so blind to the growing fury among ordinary people that there are two sets of rules in this country? You simply can’t keep refusing to hold to business class to the same standards or you’re asking for outright rebellion.
Documents: Elizabeth Warren Persuaded Obama To Reject Foreclosure-Friendly Bill
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on November 25, 2010. Filed under