Republicans have always been critical of the controversial Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010, but lately they have turned up the heat with their criticism as the Obama Administration heads into its final months. This week, Republican Representative Blaine Luetkemeyer told the group of bankers that they need to, quote, find a way to neuter, close quote, Democratic Senator Elizabeth Warren, one of Dodd-Frank’s fiercest supporters.
When asked by the news media to respond to Leutkemeyer’s comments, Warren said, quote, Look, if Wall Street and their buddies in the Republican party want to launch an assault on financial regulations and they want to try to roll back Dodd-Frank, all I can say is, let’s have that fight. I’m ready. You can make it with words or anything else you want, but I am not backing down. Close quote
The Department of Treasury is currently preparing for the winding down of its Home Affordable Modification Program, which is scheduled to expire on December 30, 2016.. HAMP originally began in February 2009 as part of Treasury’s Making Home Affordable initiative, which was created in response to the massive amount of foreclosures and defaults that occurred during the financial crisis. HAMP has helped 1 point 8 million families and completed 2 point 3 million homeowner assistance actions in seven years.