Sen. Elizabeth Warren (D-Mass.) hasn’t shied away from take on high-ranking officials for their alleged roles in the financial crisis of 2008 during her tenure in office during the past three years.
The latest target of her ire? Leonard Chanin, a former senior regulator at the Federal Reserve during the George W. Bush administration.
During a Senate banking committee hearing on Tuesday, Warren let Chanin have it after he called data about the increases in mortgage foreclosure rates “anecdotal,” arguing the Fed had nothing concrete to act on to get ahead of the subsequent subprime mortgage crisis — a “failure,” Warren said, which had “devastating consequences” for families across the country.
Chanin, currently an attorney in the financial services practice group of Morrison & Foerster and a former director at the Consumer Financial Protection Bureau, had been asked by Senate Republicans to testify on the costs of current consumer finance regulations.
You can watch the rest of their hair-raising argument below.
Foreclosure rates in the U.S. have fallen in recent years, but families struggling to pay their mortgage could avoid losing their home by refinancing, negotiating with their current mortgage lender or seeking help from Department of Housing and Urban Development-approved counseling agencies. You can find more tips for saving your home from foreclosure here. You can also see how any missed mortgage payments may be affecting your credit by viewing your two free credit scores, updated each month, on Credit.com.
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