News, politics

Beau Biden: Real Life Superhero

 
 

Aside from being Joe Biden’s son, Beau Biden was Delaware Attorney General. Delaware has the most lenient banking laws in the country. As the largest banks in the country sold mortgages (regardless if they could be paid back) to other companies as funds around the world (called credit default swaps), the entire financial system nearly collapsed in 2008.

Biden had the difficult job of making sure the subsequent foreclosures that stemmed from the messy dealings were legal. Did the banks have the paperwork to prove they owned the houses they were foreclosing on? He also made it clear that homeowners had an obligation to pay their mortgages.

Beau Biden sued MERS, Mortgage Electronic Registration System, for repeatedly violating the state of Delaware’s Deceptive Trade Practices Act and knowingly obscuring information from borrowers as well as providing inaccurate information.

Beau Biden championed consumer protection. Not everyday you see a real life superhero.