up with state attorneys general to get to the bottom of these abuses. the settlement we reached today, thanks to the work of some of the folks on this stage, is the largest joint federal state settlement in our nation s history, is the result of that extraordinary cooperation. america s biggest banks will be required to right these wrongs. that means more than just paying a fee. these banks will put billions of dollars toward relief for families across the nation. they will provide refinancing for borrowers stuck in high-interest rate mortgages. they will reduce loans for families who earn more on their homes than they are worth and deliver some measure of justice for families already victims of abusive practices. all told, this isn t just good for these families, it s good for their neighborhoods.
can i ask you a personal question. how does this affect your psychology from a day-to-day level, how does this change? do you think about who what super pac is going to swoop in and run ads defenagainst you if vote the wrong way on something? how does it get into the head of a congress person? money always plays a tremendous role in politics. the bill that i passed in the last congress was president obama was one of the first bills he signed into law was the credit card holders bill of rights. the pugh foundation came out and said this bill alone cost industry $10 billion in one year by stopping abusive practices that were unfair like raising rights any time, retroactively on your balance. many people in the industry funded a candidate against me. so there is always this in there. i would support having no money
romney in october says foreclosures should run their course. but today he was singing a different tune. watch this. don t try and stop the foreclosure process. let it run its course and hit the bottom. look, i m going to do my very best to help. it breaks my heart to hear your stories, your experiences. some of the institutions aren t willing to write it off and say they made a mistake. they loaned too much. we re overextended. so congresswoman, in october he said let it run its course. you know, let the foreclosures run its course. today it breaks his heart to see what s going on with the foreclosures in florida. well, in typical fashion, mitt romney can t decide which side of an issue he s on. the fact is that in my congressional district and across this country, people have suffered under the abusive practices of a financial industry that ran amok, that the president has tried to fix.
they ll make is those appointees had no right to make the regulations because they weren t constitutionally seated. jon: semantics, it would seem to me, sort of enters into here. who wants to argue against something that s called the consumer finance protection bureau or, you know, whatever the title, sounds like a great thing. we want to be protected, sure. jon: right. the question is how are they going to exercise that authority because they have a very broad definition. are they going to use it to correct real abuses or to punish businesses unfairly? they have a very generous, new word called abusive practices that hasn t been tested yet that they get to define, and that s creating a lot of anxiety among bankers. what s it going to mean to our lending practices and business model? jon: paul gigot, thank you. catch more of him this weekend when he hosts the journal editorial report, that s talkheg about some ofn time
regulations will be challenged immediately by people affected, and up with of the arguments they ll make is those appointees had no right to make the regulations because they weren t constitutionally seated. jon: semantics, it would seem to me, sort of enters into here. who wants to argue against something that s called the consumer finance protection bureau or, you know, whatever the title, sounds like a great thing. we want to be protected, sure. jon: right. the question is how are they going to exercise that authority because they have a very broad definition. are they going to use it to correct real abuses or to punish businesses unfairly? they have a very generous, new word called abusive practices that hasn t been tested yet that they get to define, and that s creating a lot of anxiety among bankers. what s it going to mean to our lending practices and business model? jon: paul gigot, thank you. catch more of him this weekend when he hosts the journal