• News
  • Celebrities
  • Finance
  • Crypto
  • Travel
  • Entertainment
  • Health
  • Others

Elizabeth Warren Meets With Housing Advocates in Ohio

Elizabeth Warren, the Treasury and White House adviser helping to set up the Consumer Financial Protection Bureau, made her first trip yesterday to meet with housing advocates, visiting Columbus, Ohio. The event was closed to the press, but the AP reports that Warren stressed the importance of regulating payday lenders and other often-exploitative businesses:

“I think it’s powerfully important for this agency to be in touch with families across America in a real and sustained way, and for the agency to understand — really understand — the problems families are having with consumer credit products,” Warren said in her opening remarks. “That will be absolutely critical to its success.”

The new consumer agency, which will rewrite the rules for everyday products such as credit cards and mortgages, is a cornerstone of the Obama administration’s financial overhaul. The administration says it shows that its legislative agenda has produced real changes and hopes the agency will appeal to voters who are unmoved by changes to the complex rules governing Wall Street banks. [...]

Credit card disclosure, harassment of seniors for unverifiable debts and payday lending were among the topics discussed, said Suzanne Acker, a spokeswoman for the Coalition on Homelessness and Housing in Ohio. The meeting with Warren was hosted by the coalition, Americans for Financial Reform, and Policy Matters Ohio.

Apparently, Warren did not focus her address on the current foreclosure fraud crisis — despite Ohio being one of the hardest-hit states, and its attorney general and other officials hitting hardest back at banks. Why? Perhaps because the CFPB is not staffed, and is unable to start making and enforcing rules until the summer. But if it had been ready, would it have been able to help homeowners?

The CFPB cannot unilaterally make law, of course. But it could have helped. For instance, it could have empowered independent mortgage mediators, who help homeowners and banks negotiate new payment schedules. And it could have ensured that mortgage servicers follow the preexisting guidelines for how to help homeowners in default. (In the lead-up to the foreclosure fraud scandal, servicers often pushed homeowners into foreclosure too quickly, in contravention of the rules.)

Indeed, oversight of mortgage servicers is currently patchy, to say the least. But when the CFPB is set up, it will be able to put a leash on that important, underregulated part of the industry, even if a bit belatedly.

Discussion & Comments (0)

    Recent Articles

    • Things You Should Know about North America

      Things You Should Know about North America

      Get to know more about North America.

    • Eurovision 2010 Paula Seling Unpredictable Contest

      Eurovision 2010 Paula Seling Unpredictable Contest

      Paula Seling's experience on the Eurovision stage led her to declare that "Eurovision is an unpredictable contest". Which may explain the success of the young Lena from Germany, about whom the predictions before the event did not offer much chances for victory.

    • VIPRow.me - The Best Sports Streaming Website Today

      VIPRow.me - The Best Sports Streaming Website Today

      Have you ever contemplated creating a user-friendly site dedicated to sports-related free live streaming channels?

    • Learn How To Download, Install, And Use The Xnxubd 2022 Frame App

      Learn How To Download, Install, And Use The Xnxubd 2022 Frame App

      XNXUBD 2022 Nvidia users are able to watch thousands of videos and other contents online. XNXUBD 2022 Nvidia New is a piece of software that enables people to watch videos online without having to pay for memberships. On a graphics card, the XNXubd also provides some of the best gaming and virtual reality experiences.

    • Xvideostudio Video Editor Apk Free Download For Pc Full Version In 2022

      Xvideostudio Video Editor Apk Free Download For Pc Full Version In 2022

      A new edition of the Video Editor Apk for xVideostudio.Video Studio has all the latest features, including support for multiple video download formats in HD, FHD, and even 4K resolutions.

    • 9 Best Lotion For Masturbation - Popular Choice For 2022

      9 Best Lotion For Masturbation - Popular Choice For 2022

      Masturbation is a common activity for men and women. It's a natural and risk-free way to explore your body, experience pleasure, and release sexual tension.

    • Reasons Why You Need To Stop Watching Movies From Sflix

      Reasons Why You Need To Stop Watching Movies From Sflix

      Without having to sign up or pay anything, you can watch movies online for free with SFlix. It has more than 10,000 movies and television shows.

    • Coi Leray Mom And Dad's Family History & Wife, Explained

      Coi Leray Mom And Dad's Family History & Wife, Explained

      Coi Leray Collins (born May 11, 1997) is a rapper from the United States. Leray started publishing songs to SoundCloud in 2014, and in 2018 she released her breakthrough track "Huddy" as well as her first mixtape, Everythingcoz.

    • Listen And Download Music On MyFreeMP3 For Free

      Listen And Download Music On MyFreeMP3 For Free

      Are you in a bind and looking for a place to obtain free mp3 songs? Never again will you need to bother, since this article has everything necessary to obtain your solution. Download free music from MyfreeMP3.com, one of the world's most popular websites.