I'm kind of curious what the legal justification for the illegal foreclosure information is, since it's being used to hide the info from the people who were victims of illegal foreclosure.

Bank regulators: "We have information that you were kicked out of your home illegally, but we can't show it to you even though it directly pertains to you."

Good for Warren for hauling the regulators over the coals. I hope this issue doesn't get swept under the rug, but I feel like it might be, unfortunately.

That video was beautiful to watch.

Tiny glimmer of hope. Thank you.

That was indeed an amazing grilling. This is what congressional oversight ought to be about. The role of Congress is to pass laws and create executive entities to enforce those laws, and then hold hearings to verify that those laws are being enforced as desired by Congress. This wasn't political griping, or petty nit-picking, but rather good solid grilling of a government entity that was failing to serve the public interest. Very well done.

Does anybody believe that these guys (or any other guys in similar position) will do anything to harm their future/past employers? When some of them looses pension/benefits for conflict of interests then something might start to change. Otherwise it will be like this - "How well Mrs. Warren told them what she had to tell them. Good job!!!"

Sen. Warren is doing the right thing, but these guys are deeply entrenched, continuing to shield incriminating files as "privileged," continuing to NOT serve the public interest. I don't think a sternly-worded letter from the Banking committee will be enough.

More developments on this story:

Fed Argues that Mortgage Abuses are Trade Secrets, Meaning Banks Can Withhold Foreclosure Data from Sen. Warren and Senate Banking Committee

He makes a good point. It cannot both be a mistake and a trade secret. If bankers want to argue they cannot divulge their fraudulent practices due to trade secrets, then they simultaneously argue that those fraudulent practices were intentional and that they went through some efforts to keep them secret. Since they knew what these practices were, and they were obviously fraudulent, then they obviously should be held accountable for the crime, since it can't then be a mistake or oversight (they admit to knowing them and they are their "trade"). Furthermore, in keeping what they knew to be a massive system of fraud secret (hence "trade secret"), they admit to conspiracy and racketeering.


It's another example of the lawlessness that has deluged our nation. Those with the all the wealth will use laws when it benefits them, and ignore laws when it gets in the way of profit. Meanwhile, they can bribe elected officials and judges to let them get away with it.

The average American is nothing more than dying carcass these scavengers feed upon to enrich themselves. There is a special place where bankers will go, but that doesn't solve our immediate problems.