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Servicing / The Ticker

Elizabeth Warren says mortgage settlement too lax on banks

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The national mortgage settlement was supposed to put banking and financial services issues to rest, but that is not enough for Senator Elizabeth Warren, D-Mass.

Sen. Warren sent a letter to Attorney General Eric Holder recently, accusing the settlement's creators of failing to acknowledge lingering problems within financial firms. Per the Huffington Post:

Wednesday's letter addresses a settlement among the U.S. Department of Justice, the Federal Housing Administration and 49 state attorneys general over charges that major banks submitted a torrent of false claims in pursuit of government benefits. In February 2012, Bank of America, JPMorgan Chase, Wells Fargo, Citigroup and Ally Financial agreed to pay $25 billion to settle allegations that they forged signatures, fabricated documents and engaged in other illegal practices during foreclosures.

"I believe that if DOJ and our banking regulatory agencies prove unwilling over time to take the big banks to trial or even require admission of guilt when they cheat consumers and break the law -- either out of timidity or because of a lack of resources -- then the agencies lose enormous leverage in settlement negotiations."

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