Chairman Bachus Comments on Elizabeth Warren’s Role in Mortgage Settlement Talks
April 4, 2011 -
Financial Services Committee Chairman Spencer Bachus made the following comments on Monday after receiving a letter from Elizabeth Warren concerning her now-confirmed “active” participation in ongoing mortgage settlement talks.
“Professor Warren’s clarification of her role in these talks is welcomed. Whereas she had previously resisted calling herself a participant, we now know she is an ‘active participant’ who has apparently provided not only advice but also analysis and recommendations. The Financial Services Committee will be examining the mortgage servicing sanctions issue in an upcoming hearing, and I’m certain her participation in these talks will be a part of that hearing.” said Chairman Bachus.
Note: Below is an exchange between Chairman Bachus and Professor Warren at a Subcommittee hearing on March 16:
BACHUS: Thank you. Professor Warren, you have participated in the -- the foreclosure settlement discussions with the banks. And you've -- you've acknowledged that earlier?
WARREN: Actually, Congressman, let me -- let me put this more clearly. We have been asked for advice by the Department of Justice, by the Secretary of the Treasury, and by other federal agencies. And when asked for advice, we have given our advice.