In what has become a rather thrilling matter of course, Elizabeth Warren once again challenged the regulators of the banking system this morning. During a Senate Banking Committee hearing, Warren was trying to get a straight answer on how often banks illegally foreclosed on home owners.
The Comptroller officials under questioning declared that information “proprietary” and not to be disclosed.
Here is what followed:
Warren: So you have made a decision to protect the banks but not a decision tell the families who have been illegally foreclosed against?
Federal Reserve official, Richard Ashton: We haven’t made a decision about what information we would provide to individuals. […]
Warren: So I just want to make sure I get this straight. Families get pennies on the dollar in the settlement for having been the victims of illegal activities or mistakes in the banks’ activities. You now know individual cases where the banks violated the law and you’re not going to tell the homeowners or at least it’s not clear if you’re going to do that?
We got video too. See below.