Cenk Uygur
@TheYoungTurks·6.5M subscribers·72.8K videos
Elizabeth Warren Spanks Fannie/Freddie Chief & He Barely Survives
Posted
November 21, 2014
Views
70,532
Likes
1,724
Comments
362
Engagement
2.96%
November 21, 2014
70,532
1,724
362
2.96%
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8:57Now Playing"The charges came from Sen. Elizabeth Warren, D-Mass., the fiery leader of the party’s liberal wing. On the receiving end of her anger was Mel Watt, the former North Carolina congressman for the 12 th District, which includes part of Forsyth County. Watt was tapped by President Barack Obama to head the agency that oversees housing finance.
The agency oversees mortgage finance titans Fannie Mae and Freddie Mac, both in government receivership since September 2008 at the start of the financial crisis. Warren contends Watt and his agency haven’t pushed for a reduction on the balance owed to mortgage lenders – called a principal reduction – on millions of loans placed with Fannie and Freddie that are more expensive than the home is now worth. That’s called being underwater on the mortgage.
“You’ve been in office for nearly a year now, and you haven’t helped a single family, not even one” through principal reduction, Warren told a surprised Watt at a hearing before the Senate Banking Committee."* The Young Turks hosts Ana Kasparian and John Iadarola (TYT University) break it down.
*Read more here:
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Obama Immigration Reform, Elizabeth Warren, GOP vs Immigration Reform - The Young Turks 11/20/2014 News & Politics
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