Elizabeth Warren was the first to recognize HR-3808 for what it was.

http://www.huffingtonpost.com/2010/11/24/elizabeth-warren-calendar_n_788120.html


Thank you Elizabeth, the American People are grateful to have you looking out for us, in a time when it seems that no one else is.



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.

State officials across the country--who have been pursuing probes looking into wrongdoing within the foreclosure process-- feared that those jurisdictions with lax standards could have become hotbeds for foreclosure documentation fraud. Lenders and mortgage companies could have used those states as central clearing houses to produce bogus foreclosure paperwork, and then export those documents to other states with more stringent regulations--an expedient bypass around the strictures.

Elizabeth Warren We Have A Real Problem Coming

http://www.youtube.com/watch?v=mA0HYGaHDZM&feature=related


Hey it's 2010 now
Here comes the commercial mortgage resets.
TARP II

What exactly is a toxic asset: Foreclosed on homes that are now no longer generating income for the major investment banks

Senator Franken Sends Letter To Bernanke, Bair And Holder Demanding Criminal Charges For All Responsible For Biggest Alleged Mortgage Fraud In History

http://www.zerohedge.com/article/senator-franken-sends-letter-bernanke-bair-and-holder-demanding-criminal-charges-all-respons

No wonder they didn't want Al on board. He's fiesty that's for sure.
This was to good to be true, except it is lol.
He also sent a copy to Elizabeth Warren as well as Obama

The biggest financial story which continues to get absolutely no mention on CNBC just got its latest multi-step escalation: Senator Al Franken has just blasted a letter to Tim Geithner, Shaun Donovan, Secretary of Housing and Urban Development, Eric Holder, John Walsh, Controller of the Currency, Sheila Bair, and, drumroll, Ben Bernanke, telling the recipients that "each of your agencies has an important role to play in addressing this egregious situation and holding all appropriate actors fully accountable. As such, I respectfully request that you collaborate to conduct a thorough investigation into the alleged misconduct. As part of this investigation, it is crucial that Ally and its employees are held fully accountable for any criminal misconduct." Since if this pervasive mortgage fraud is more than just alleged, the stink will reach to the very top of places like JP Morgan, Ally, and possibly every single bank that has been in the mortgage origination business, something tells us that Ben Bernanke, whose job is precisely to protect the banks' interests will not rush into any investigation for the duration of FASB's existence. It gets better: "Additionally, all homeowners who may have experienced illegitimate foreclosure sales, those who have been forced to defend against illegitimate foreclosure actions, and those who have been harmed must be identified. These individuals must receive proper restitution and compensation, as provided for under the law." And the punchline: "It is critical to confirm that no loans provided through the FHA or in conjunction with the HAMP program were associated with Ally's misconduct." Yes, oddly enough the government is about to lose even more credibility once it is discovered that it worked in collaboration with the biggest mortgage fraud scheme in history.

The letter concludes:

Goldman reveals where bailout cash went

http://www.usatoday.com/money/industries/banking/2010-07-24-goldman-bailout-cash_N.htm
By Karen Mracek and Thomas Beaumont, Des Moines Register

It's enough to make you sick.

Goldman Sachs sent $4.3 billion in federal tax money to 32 entities, including many overseas banks, hedge funds and pensions, according to information made public Friday night.
"We thought originally we were bailing out AIG. Then later on ... we learned that the money flowed through AIG to a few big banks, and now we know that the money went from these few big banks to dozens of financial institutions all around the world."

Grassley said he was reserving judgment on the appropriateness of U.S. taxpayer money ending up overseas until he learns more about the 32 entities.

Goldman Sachs (GS) received $5.55 billion from the government in fall of 2008 as payment for then-worthless securities it held in AIG. Goldman had already hedged its risk that the securities would go bad. It had entered into agreements to spread the risk with the 32 entities named in Friday's report.

Overall, Goldman Sachs received a $12.9 billion payout from the government's bailout of AIG, which was at one time the world's largest insurance company.

Goldman Sachs also revealed to the Senate Finance Committee that it would have received $2.3 billion if AIG had gone under. Other large financial institutions, such as Citibank, JPMorgan Chase and Morgan Stanley, sold Goldman Sachs protection in the case of AIG's collapse. Those institutions did not have to pay Goldman Sachs after the government stepped in with tax money.

Goldman had not disclosed the names of the counterparties it paid in late 2008 until Friday, despite repeated requests from Elizabeth Warren, chairwoman of the Congressional Oversight Panel.

"I think we didn't get the information because they consider it very embarrassing," Grassley said, "and they ought to consider it very embarrassing."

TARP Panel: Small Banks Are Facing Loan Woes

http://finance.yahoo.com/taxes/article/108819/tarp-panel-small-banks-are-facing-loan-woes?sec=topStories&pos=8&asset=&ccode=

Wall Street banks aren't the only ones with problems that needed to be addressed.

Nearly 3,000 small U.S. banks could be forced to dramatically curtail their lending because of losses on commercial real-estate loans, a congressional inquiry concluded

"The banks that are on the front lines of small-business lending are about to get hit by a tidal wave of commercial-loan failures," said Elizabeth Warren, a law professor at Harvard University who heads the TARP oversight panel.

Wall St. Is Winning: Elizabeth Warren "Speechless" About Record Bonuses

http://finance.yahoo.com/tech-ticker/article/355739/Wall-St.-Is-Winning-Elizabeth-Warren-%22Speechless%22-About-Record-Bonuses?tickers=XLF,FAS,FAZ,JPM,GS,BAC,C&sec=topStories&pos=8&asset=&ccode=

Comparing the situation today vs. a year ago, Warren observes:

•Even Too Bigger to Fail: A year ago the big concern was systemic risk and how to deal with 'too big to fail' firms, she recalls. Now "the big are bigger, we wiped out a lot of small folks and there's more concentration" in the banking system.
•Still Toxic: TARP was created explicitly to remove toxic assets from bank balance sheets. "They're still there by and large."
•Stress Test Failure: Unemployment has "blown through" the worst-case scenario in the stress test from February, Warren notes. But "we haven't repeated the stress test, or revealed any more information about what's going on inside these financial institutions."
In sum, "all the things going on [a year ago] that were serious, serious problems for the financial institutions seem to me are still serious, serious problems," she says.

Finally, Warren pulls no punches when it comes to her criticism of former Treasury Secretary Hank Paulson for his failure to put any restrictions on or monitoring of the initial TARP funds, and for using the money for something other than "toxic asset relief," as originally intended

Elizabeth Warren on the real of the reality

http://www.zerohedge.com/article/elizabeth-warren-we-have-real-problem-coming

Elizabeth speaks the plain and simple truth about the what the big picture really looks like


Elizabeth Warren, head of the Congressional Oversight Panel, which yesterday released quite a sobering report on the true state of the banking industry, explains what is really going on with the increasingly irrelevant balance sheets of the bailout banks (all of them). Once again underscores what a farce the stress test was, the complicity of the accountants in making the transparency initiative a sham, and why the banks are still as underwater as they ever were. Compliments of Shanky's Tech Blog.

Wall Street Critic Inspired New Consumer-Protection Agency

http://online.wsj.com/article/SB124545888032233137.html


Harvard University law professor Elizabeth Warren dined for three hours with White House economic adviser Lawrence Summers two months ago, and discussed over curry her idea for an agency to protect consumers from bad financial products.

This past week, President Barack Obama announced his plan to create a Consumer Financial Protection Agency, endorsing Ms. Warren's idea and causing an uproar in the financial-services industry.

Ms. Warren, for years a scourge of Wall Street, has emerged as an influential force in the administration's overhaul of financial regulations. The White House said the agency she helped inspire would strengthen consumer protection in areas including credit cards, mortgages and other financial products. If approved by Congress, it would be able to write new rules governing how products can be sold.

The Coming Collapse of the Middle Class

http://www.youtube.com/watch?v=akVL7QY0S8A

This is a lecture by Elizabeth that's an hour long but it an hour well spent.
After your finished you will fully understand that the collapse of the middle class was eminent and why.
She is an advocate of "The People"