We all have seen what’s happened with foreclosures and bankruptcy in Las Vegas, let alone the rest of America. Yet Wall Street continues to reap profits, so who’s looking out for average Americans dealing with credit and mortgage problems?
There’s a big push in Congress and from Wall Street to try and prevent her from heading the new agency. This is unfortunate, because it’s not a partisan issue. Essentially, unless you’re in charge of a large bank or running some sort of debt relief scam, Warren is on your side.
Here are three reasons why it’s in all of our interests to have Elizabeth Warren heading the Consumer Financial Protection Agency:
1. She wants to get rid of unfair provisions hidden in “fine print” when it comes to credit card and other lending agreements. Her agenda is not partisan. It’s simply transparency.
2. An ounce of protection is worth a pound of cure. Protecting consumers from scams and unfair contracts benefits all of us. When we have large-scale problems like the mortgage crisis because too many people fell for scams or bad deals, the clean-up costs are expensive. And they come from your tax dollars. It’s economically more efficient for all of us if we can actually have trust and confidence in our markets, which means reducing the number of scams and the amount of exploitation of vulnerable groups like senior citizens.
3. You may not realize it, but Elizabeth Warren has already saved many homeowners from serious foreclosure problems.
“Warren was the first administration official to recognize the potential for disaster posed by a law that would have made fraudulent foreclosures even easier to pull off than they are now. She met with state and federal officials to discuss the bill, which had already passed both houses of Congress, and convinced President Obama not to sign it in a “pocket veto” that the House failed to override.
“If President Obama had signed the Interstate Recognition of Notarizations Act, every state would have been required to accept all notarized documents from other states. So those with lax standards could have become centers for bogus foreclosure documents that other states would have been forced to accept.”
All of this information may not be helpful with any imminent problems you face. But if Warren is empowered to continue doing her good work, you can at least feel better knowing that things won’t be quite as bad in the future.
If you are facing impending foreclosure or other debt problems, please feel free to contact an experienced Haines & Krieger attorney at 702-880-5554 for a free initial consultation.