Baldwin reminded the Governor and Attorney General that thousands of Wisconsin families lost their homes, and others face foreclosure, as a result of fraud and abuse by Wall Street mortgage banks. She wrote, “It is shocking and disappointing that you would divert this money from homeowners who desperately need assistance.”

As a result of the $25 billion settlement announced yesterday between the federal government, 49 states and the District of Columbia, and the nation’s five largest mortgage servicers, Wisconsin will receive an estimated $140 million intended to provide direct relief for affected homeowners, refinancing benefits for eligible borrowers, and remediation programs and services. Rather than use all the funds to help assist defrauded homeowners and prosecute wrongdoers, Walker and Van Hollen announced they would direct $25.6 million to help balance the state budget. Baldwin has called their plan “outrageous.”

In letters last year to Van Hollen and U.S. Attorney General Eric Holder, and in House Concurrent Resolution 85 that she introduced, Baldwin has worked arduously to ensure that any mortgage settlement should make defrauded homeowners whole and to investigate and hold accountable all those who engaged in fraudulent mortgage and foreclosure practices.

In today’s letter, Baldwin called on Walker and Van Hollen to, “…do right by Wisconsin homeowners and use the mortgage settlement funding for its intended purposes: to provide assistance to mortgage fraud victims, strengthen foreclosure mediation programs, and further investigate mortgage fraud.

A copy of Baldwin's letter is available here.

Baldwin's Previous Work on the Issue:

• House Concurrent Resolution 85
• Letter to U.S. Attorney General Eric Holder
• Letter to WI Attorney General J.B. Van Hollen
   

Baldwin said that she will fight the Governor’s efforts and that this action must be stopped. Thousands of Wisconsin families lost their homes and others face foreclosure as a result of fraud and abuse by Wall Street mortgage banks. “This settlement is meant to help make troubled homeowners whole, not make Walker’s state budget whole,” Baldwin said.

Today’s announcement of a $25 billion settlement between the federal government, 49 states and the District of Columbia, and the nation’s 5 largest mortgage servicers over foreclosure abuses represents the second largest civil settlement ever obtained by the state attorneys general. Wisconsin will receive an estimated $140 million that will go toward direct relief to affected homeowners, refinancing benefits for eligible borrowers, and remediation programs and services.

“This is a good first step toward making defrauded homeowners whole and reforming our broken mortgage system,” said Baldwin, who has been leading the fight in Congress to see that the victims of fraudulent bank practices be adequately compensated and that the banks be held accountable for their actions. “Today’s settlement is narrowly limited to one area of financial abuse and does not right the wrongs of the past five years. However, it does pave the way for continued investigations into the abusive lending and packaging of risky mortgages that led to the housing crisis,” Baldwin said.

Baldwin went on to say that she hoped the Financial Crimes Unit announced by President Obama in the State of the Union address would further investigate and prosecute mortgage abuses not covered by the present settlement. “Thousands of Wisconsin families continue to struggle because of the fraudulent behavior of Wall Street mortgage lenders. I will continue to work on behalf of Wisconsin families to see that they are made whole and that wrongdoers are held accountable,” Baldwin said.

In November 2011, Baldwin introduced House Concurrent Resolution 85 stating that any action taken by the U.S. Department of Justice should allow investigations of fraudulent mortgage and foreclosure practices to continue, deny broad immunity for potential wrongdoing by mortgage servicers, and appropriately compensate victims of fraudulent behavior.

Baldwin expressed her concerns in a letter to U.S. Attorney General Holder in early November and, the following month, sent a letter to Wisconsin Attorney General J.B. Van Hollen asking that he reject any settlement that grants Wall Street banks broad immunity from prosecution, ends investigations into the meltdown, or fails to adequately compensate those homeowners who have been defrauded.

As Baldwin previously called for, the agreement retains homeowners’ right to pursue their own legal actions. It also holds mortgage servicers accountable and does not grant them or their executives immunity from criminal prosecution. It also provides for nationwide reforms to make the lending industry, more transparent, more navigable and more fair.

Baldwin's Previous Work on the Issue:

• House Concurrent Resolution 85
• Letter to U.S. Attorney General Eric Holder
• Letter to WI Attorney General J.B. Van Hollen

Congresswoman Tammy Baldwin (D-WI) today voted for, and the House passed (417-2), a long-sought measure that would ban insider trading by Members of Congress. The STOCK Act (Stop Trading on Congressional Knowledge – S. 2038) is bipartisan legislation that would prohibit Members of Congress and employees of Congress from profiting from non-public information they obtain via their official positions.

“As we work to end corrupt practices and establish transparency on Wall Street, we must apply the same rules to all who have access to insider information, including Members of Congress,” said Congresswoman Baldwin. “This is a loophole we must close if we are to restore the American people’s faith in Congress and the work of democracy,” Baldwin said.

After delaying the vote on a bill that had wide, bi-partisan support and should have been non-controversial, House Republican leaders did bring it to the floor, but not before weakening its authority. They dropped a provision to require firms specializing in “political intelligence” that use information obtained from Congress to make financial transactions to register with the House and Senate, just as lobbyists are now required to do. Baldwin objected to its removal saying, “If your job is to influence policy and sway Members of Congress, you are a lobbyist whether you call yourself one, or not; and this bill should apply to you.”

They also dropped an anti-corruption provision that would more clearly define, identify, investigate, and prosecute criminal conduct by public officials.

Baldwin objected to the watering-down of the bill. “At a time when people’s confidence in Congress is at an all-time low, it is shameful that the Republican leadership is so blatantly kowtowing to powerful special interests,” said Baldwin. “We should be strengthening anti-corruption measures, not weakening them. I hope these important protections are restored before the bill reaches the President’s desk,” she said.

Congresswoman Baldwin placed all of her investments in a blind trust in December 2001.
 

Congresswoman Tammy Baldwin’s forceful advocacy on behalf of Wisconsin families and businesses has averted potentially devastating cuts to a program that has helped more than 30,500 Wisconsin families save an average $400 per year on their energy utility bills while creating jobs and supporting local businesses.

The Department of Energy announced today that Fiscal Year (FY) 2012 funding for the Wisconsin Weatherization Program (roughly $6 million), will be maintained close to the FY 2011 level (roughly $6.5 million), rather than be cut approximately 60 percent to $2-3 million because of Republicans’ attacks on this highly effective and efficient program.

“I made a strong case to Secretary of Energy Steven Chu why the Wisconsin Weatherization Program should be maintained and am delighted that the Secretary agreed with my recommendation,” said Congresswoman Baldwin. “In Beloit, I’ve seen first-hand how energy upgrades have helped a displaced auto worker avoid financial ruin and how the funds for weatherization projects create jobs and boost sales at local businesses, directly and indirectly. Weatherization projects bring long-term benefits and provide a tremendous amount of bang for the buck. I’m proud that Wisconsin is a national leader in implementing them,” Baldwin said.

While enacting a drastic cut in FY 2012 for the Weatherization Assistance Program, Congress gave the Department of Energy the ability to determine a nationwide distribution formula. In person, on the phone, and by mail, Baldwin lobbied Secretary Chu to support a “results-driven” distribution formula, thereby rewarding Wisconsin for its highly effective and efficient program. In a conference call with Congresswoman Baldwin for Wisconsin news media in January, Secretary Chu praised Wisconsin for surpassing the aggressive energy efficiency goal it established with the DOE.

"After our energy audits and weatherization work, Wisconsin homeowners see their energy bills go down significantly,” said Denise Matyka, Executive Director, Project Home. “We’ve hired workers to provide these services and we buy materials from local businesses. Wisconsin and Project Home couldn’t maintain their high levels of success without the additional $4 million Tammy has helped bring in. We are very grateful for her advocacy,” Matyka said.

I have great respect for New York Attorney General Eric Schneiderman who will head up this unit to expand our investigations into the abusive lending and packaging of risky mortgages that led to the housing crisis. He shares my conviction that fraudulent lenders must publicly accept responsibility for their actions and that mortgage holders whom they cheated should be made whole.

I repeat my call to U.S. Attorney General Eric Holder to deny fraudulent lenders broad immunity in any settlement deal. I urge him to ensure that Mr. Schneiderman has all the tools necessary to conduct a full investigation, including subpoena power, so we can reveal how and why the housing crisis happened and prevent it from happening again. If broad immunity is granted to mortgage servicers, their appalling behavior goes unpunished and they will continue to behave as if they are above the law. The American principle of equal justice under the law must apply to all, not just to some.”

Congresswoman Baldwin has been leading the fight in Congress to see that the victims of fraudulent bank practices be adequately compensated and that the banks be held accountable for their actions. In November 2011, she introduced House Concurrent Resolution 85 stating that any action taken by the U.S. Department of Justice should fully investigate fraudulent mortgage and foreclosure practices, deny criminal or civil immunity for potential wrongdoing by mortgage servicers, and appropriately compensate victims of those servicers’ fraudulent behavior.

Baldwin expressed her concerns in a letter to U.S. Attorney General Holder in early November and, the following month, sent a letter to Wisconsin Attorney General J.B. Van Hollen asking that he reject any settlement that grants Wall Street banks broad immunity from prosecution, ends investigations into the meltdown, or fails to adequately compensate those homeowners who have been defrauded.
 

The President tonight was very much in touch with what’s happening in this country and what I’ve been hearing as I travel around the state. He understands the frustrations citizens have with the disconnect between the policy debates in Washington and people’s real lives. He called on Congress to act swiftly to help revive our manufacturing industry by ending incentives for companies to outsource jobs, providing targeted incentives for businesses to create jobs here at home, and ensuring that our students and workers get the education and training needed to fill those jobs.

I support President Obama’s efforts to restore the values that made this country great – fairness for all and responsibility from all.”

Hear audio reactions from Congresswoman Baldwin

Clip 1 (general response)

Clip 2 (the importance of manufacturing)

I do not believe it is the responsibility of Internet service providers to become the police of the Internet. Nor should they be charged with the responsibility to shut down access to pirate websites. Consequently, I am opposed to the Stop Online Piracy Act (SOPA) in its current form. I do not believe that it is the intent of supporters of this legislation to promote Internet censorship. However, the bill as written will have a chilling effect on Internet expression. We must maintain due process under the law and continue advancing policies that promote Internet commerce, innovation, and free expression.

The theft of billions of dollars of intellectual property by foreign piracy websites is a very real threat that must be addressed. When intellectual property rights are infringed, or stolen outright, it hurts our ability to compete in world markets and threatens jobs here at home. We must address this very real concern, but do so without undermining the foundation of an open Internet.

The Internet has played an important role in fueling remarkable innovation and the free flow of ideas and expression throughout the world. I remain hopeful that all sides are able to come together and craft a solution that balances the rights of copyright holders with our commitment to a free and open Internet.

Congresswoman Tammy Baldwin (D-WI) today thanked the U.S. Fish & Wildlife Service (FWS) for its decision to remove wolves from the Endangered Species Act protection in Wisconsin.

Baldwin led efforts in the Wisconsin Congressional Delegation to delist the gray wolf in Wisconsin and the Western Great Lakes from the Federal List of Endangered and Threatened Wildlife.

“I was proud to work with my colleagues in this bipartisan effort to protect Wisconsin’s people and property in a vibrant ecosystem,” said Congresswoman Baldwin. “The resurgence of the gray wolf in Wisconsin and the Great Lakes region is a stunning success story for the Endangered Species Act and a lesson in exceptional wildlife management,” Baldwin said.

Once endangered, the gray wolf is now more prevalent in Wisconsin than in any state other than Alaska and Minnesota. Its numbers (roughly 800) far exceed both the Wisconsin Wolf Management Plan goal of 350 and the federal recovery goal of 100.

While the population of gray wolves in Wisconsin is robust, the natural habitat of wolves is shrinking. As a result, wolves are a constant threat to the livestock of ranchers and farmers and too many family pets. Last year in Wisconsin, 47 farms lost at least 75 livestock animals and saw injuries to six more.

By removing the gray wolf from the endangered species list in our state, Wisconsin officials believe they can effectively balance the preservation of the species with the safety and well-being of Wisconsinites.

The Middle Class Tax Relief and Job Creation Act (H.R. 3630) would continue the payroll tax cut for 160 million middle class Americans and would extend unemployment insurance for more than two million Americans, including more than 41,000 Wisconsinites.  Unless the tax cut is extended, Wisconsin workers will see their taxes increase nearly $1100 a year, beginning on January 1.  Last week, the Senate voted 89-11 to extend the payroll tax cut, extend unemployment insurance benefits, and continue current Medicare reimbursements for two months. 

The recession has taken its toll on Wisconsin families,” said Baldwin. “I hear from families every day that are struggling to make ends meet.  They share their stories of depleted savings and retirement accounts, doubts about whether they will be able to send their children to college, and fears of facing major illness without health insurance.  Today’s actions blocking consideration of an extension of the payroll tax cut is another blow to those struggling in this challenging economy.  For those who are unemployed, the decision by House Republican leaders to block extension of unemployment benefits is particularly cruel,” she said.

Had the bill been brought to the floor for a straight up or down vote on the agreed upon compromise, Baldwin said she believes it would have passed.  “The American people strongly support extending the payroll tax cut and unemployment benefits and avoiding deep cuts to Medicare reimbursements.  Sadly, once again, Republican leaders in the House have caved in to the demands of the Tea Party extremists who oppose extending this middle class tax cut.  I hope the leadership will reconsider and allow an up or down vote on the bipartisan compromise,” Baldwin said.

Video of Rep. Baldwin's Reaction:

“Today, I joined a majority of my colleagues in voting for this bipartisan compromise to avoid a government shutdown.

Given the size and scope of this legislation, there are provisions I strongly support that will benefit the people of Wisconsin and some that I believe do more harm than good. That being said, it is a dramatic improvement over what was initially proposed by House Republicans.

For the third time this year, Republican intransigence has brought us to the brink of a government shutdown. This kind of game playing is unnecessary and has to end. The American people are struggling and we need to bring serious solutions to the table to address our unemployment crisis.

While we have avoided another government shutdown, our work is not yet done. It is my hope that compromise on this legislation will lead my Republican colleagues to stop playing games and work with Democrats to create jobs and extend the payroll tax cut that Wisconsin’s middle class and working families desperately need and deserve. The clock is ticking.”
 

Congresswoman Tammy Baldwin (D-WI) has joined a bipartisan group of more than 200 House Members in supporting legislation that would ban insider trading by Members of Congress. Despite support from more than 70 Members of their own party, House Republican leaders are blocking consideration of the bill.

The STOCK Act (Stop Trading on Congressional Knowledge - H.R. 1148) is a bipartisan bill that would prohibit Members of Congress and employees of Congress from profiting from non-public information they obtain via their official positions.

“As we work to end corrupt practices and establish transparency on Wall Street, we must apply the same rules to all who have access to insider information, including Members of Congress,” said Congresswoman Baldwin. “This is a loophole we must close if we are to restore the American people’s faith in Congress and the work of democracy. I call on Majority Leader Eric Cantor to put integrity above politics and bring this bill to a vote,” Baldwin said.

The STOCK Act:

• Prohibits Members of Congress, their staff, Executive branch employees, and any other person from buying or selling securities, swaps, or commodity futures based on Congressional and Executive branch non-public information. It also requires more timely disclosure of financial transactions by Members and top-level staff;
• Amends House ethics rules to prohibit Members of Congress and their employees from disclosing any non-public information about any pending or prospective legislative action for investment purposes;
• Requires firms specializing in “political intelligence” that use information obtained from Congress to make financial transactions to register with the House and Senate – just as lobbying firms are now required to do.

Congresswoman Baldwin placed her investments in a blind trust in December 2001.