The American Prospect has the article Wonder Warren. The article describes actions that Elizabeth Warren is taking on some reviews that the Office of the Comptroller of the Currency (OCC) ordered “to help settle a probe into illegal mortgage practices that shortchanged homeowners and, in some cases, improperly kicked people out of their homes.”  The OCC decided to give up on these reviews and spend their efforts elsewhere.  Here is some of what The American Prospect article had to say:

Enter Senator Warren. She and Representative Cummings have asked OCC and the Federal Reserve for all performance reviews the two agencies conducted during the program before nixing it; the amount of money the banks paid their third-party reviewers; and the total number of reviews, along with the percentages of those in which errors were found. “Public confidence in the banking system has been badly undermined by a widespread concern that large financial institutions are not held fully to account when they break the rules—and that consumers are not sufficiently compensated,” Warren and Cummings wrote in their letter to the OCC and the Fed last week. “It is critical that the OCC and the Federal Reserve disclose additional information about the scope of the harms found to establish confidence in the sufficiency and integrity of the settlement.” Warren’s belief in the power of transparency—which in this case means releasing public data whose collection the government mandated—to improve public policy has been a driving force even before she reached the Senate. For example, the CFPB Consumer Response Center—an initiative Warren championed when standing up the agency—makes available data from the organization’s complaint hotline about consumer-credit abuses and is an integral part of the supervision process.

While the information in the Independent Foreclosure Reviews may be flawed, it’s critical to know what was gathered. Too often in post-financial-crisis settlements with Wall Street banks, regulators settle on a remedy without determining or taking into account the level of harm. What’s more, without an accounting of the mortgage-servicer industry’s previous practices, it will be nearly impossible to fix the broken mortgage-servicer industry.

Yay, Elizabeth Warren.