Sen. Elizabeth Warren, D-MA, used a hearing by the Senate Banking, Housing and Urban Affairs Committee this week to highlight the Federal Reserve’s lack of action on subprime mortgages prior to the financial crisis of 2008. Leonard Chanin, currently of counsel at the law firm of Morrison & Foerster, took the brunt of Warren’s criticism. He was deputy director of the division of consumer and community affairs at the Federal Reserve and helped lead the division from ...