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Filed under: bubble, CDO, CORRUPTION, currency, Eviction, foreclosure, GTC | Honor, Investor, Mortgage, securities fraud |
Now Obama needs to appoint William Black as independent prosecutor looking into the mortgage fraud mess. That would be awesome!
Democrats Vote Down 5 Percent Rule
In a bid to stem taxpayer losses for bad loans guaranteed by federal housing agencies Fanny Mae and Freddy Mac, Senator Bob Corker (R-Tenn.) proposed that borrowers be required to make a minimum 5% down payment in order to qualify.
His proposal was rejected 57-42 on a party-line vote because, as Senator Chris Dodd (D-Conn) explained, “passage of such a requirement would restrict home ownership to only those who can afford it.”
New York Post dated 9/17/2010 states:
“President Barack Obama on Friday named Elizabeth Warren to a special advisory role tasked with overseeing all aspects of establishing the Consumer Financial Protection Bureau, reporting directly to both Obama and Treasury Secretary Tim Geithner.”
All other articles I read state the same. I think if Obama was really thinking, he would have had her only report to him. I am very glad she got the advisory role, but hate to think of her reporting to Geithner.
any news on the foreclosure defense forms page?
[…] top-posts-and-pages […]
I’LL CHECK THAT.
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@Larry,
You don’t understand. The reason that Elizabeth has NOT been appointed is she would have to go through Senate approval. Elizabeth is setting up the agency, yes, it’s under the Fed, but she will not be under Geithner. She will be consulting with Geithner, not reporting to him. Obama did this so that Elizabeth could acutally take the reigns, no one can complain (DODD, Geithner) and she will have control of the agency until Obama actually HAS to name a head, which could be years from now.
I, for one, think it’s brilliant. And I actually am quite proud of Obama for figuring out a way to install her in the post, without really installing her in the post. And I believe Elizabeth is humble enough to not give a shit if she has the title, as long as she can do the work.
Looks like my jubilance at Elizabeth Warrens appointment was premature. As usual this hummer Oil-Bama as done little more than neutralize her. She was NOT appointed to head up the new agency as previously reported but rather placed below Geithner to set up the agencies inner workings.