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Washington
Inside Washington (03/25/2011)
* WASHINGTON (3/28/11)--Lawmakers intent on limiting the authority of the newly formed Consumer Financial Protection Bureau should instead focus big Wall Street players that threaten the agency’s mission, Elizabeth Warren, the administration’s point person on CFPB, told Bloomberg News (March 25). Republican lawmakers have complained that the CFPB, created by the Dodd-Frank Act, lacks accountability. Republicans have proposed that the bureau’s budget be approved by Congress and it’s director position be replaced with a five-member commission. But Warren said worries about an agency that speaks up for consumers in the wake of the financial crisis is misguided. Dodd-Frank stipulates that funding for the CFPB be set as a percentage of the Federal Reserve’s operating budget, which could be as much as $500 million annually. Putting its budget into the appropriations debate would discourage examiners from making decisions that are unsuitable to big banks, Warren said … * WASHINGTON (3/28/11)--Fannie Mae was warned in a 2006 internal report of abuses about how lenders and their law firms handles foreclosures, The Wall Street Journal reported Thursday. The report said foreclosure attorneys in Florida had “routinely made” false statements in court to process foreclosures faster, The Wall Street Journal reported. Fannie Mae officials were under the impression that foreclosure counsel were “sacrificing accuracy for speed" but did not name any law firms, the Journal said. The report found no evidence that borrowers were improperly placed in foreclosure…


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