The whole sub prime mortgage mess resulted from Fannie & Freddie and politicians who forced banks to loan to people who had no hope of paying the mortgage payments. We have people like Barney and Chris and Chuck along with Slick Willie and GW to thank for ruining the housing market in this country. They wanted everyone to have home ownership including the entitlement crowd. Freebie for everyone and to heck with doing business in the proper way requiring down payment on a home and show employment and credit. The perpetrators of this mess should all be in jail for their deeds.
Countrywide discriminated by giving Black-Americans & Hispanics sub-par mortgage deals while Whites will similar financial profiles got much better rates.
No wonder a Consumer Federal Agency was part of Federal legislation to help consumers. I wonder how many $$$$$$$ are being paid to fight appointment of an Agency head to help consumers.
Isn’t the Free Enterprise system great?
Are the same parties who are ponying up the $335 Million to settle civil charges fighting the appointment of an Agency head?
Some claim over-regulation is the problem. I think this agency is long overdue.
Dear Thinking-Consumers will not be helped by setting up a new agency. Criminal prosecutions are the best remedy, as civil fines are simply passed along to the consumer in higher costs. These fines are now viewed as a cost of doing business. What we should be asking ourselves is why are there no criminal indictments or convictions? In the S&L financial debacle there were several hundred by this time.
This is NOT merely another Agency; this Agency represents the interests of the Consumer.
We currently have a government system where $$$$$$ paid to Lobbyists fight ALL meaningful change.
I agree Criminal prosecutions would have been a positive move. However, I am more concerned that the “POOR” consumer have “REAL” representation that can’t be bought by the powerful “RICH” interest groups. Notice how Republicans won’t approve the HEAD of this Consumer Agency !
Dear Thinking-Do you really think that because the agency is called a
consumer agency that it will protect the consumer? Setting up another
agency will not solve the problem. There is an old British comedy called Yes Minister, that teaches as well as amuses. It also makes the point that both parties & the bureaucracy are not the solution.
I believe that Countrywide was the one who gave Chris Dodd the much better terms on his home loan and no telling who else in Congress. We had corruption at the highest levels of government and the SEC was completely asleep at the switch when all these financial shenanigans were going on. Isn’t Crony Capitalism great?
The whole sub prime mortgage mess resulted from Fannie & Freddie and politicians who forced banks to loan to people who had no hope of paying the mortgage payments. We have people like Barney and Chris and Chuck along with Slick Willie and GW to thank for ruining the housing market in this country. They wanted everyone to have home ownership including the entitlement crowd. Freebie for everyone and to heck with doing business in the proper way requiring down payment on a home and show employment and credit. The perpetrators of this mess should all be in jail for their deeds.
That is not even remotely true.
Countrywide discriminated by giving Black-Americans & Hispanics sub-par mortgage deals while Whites will similar financial profiles got much better rates.
No wonder a Consumer Federal Agency was part of Federal legislation to help consumers. I wonder how many $$$$$$$ are being paid to fight appointment of an Agency head to help consumers.
Isn’t the Free Enterprise system great?
Are the same parties who are ponying up the $335 Million to settle civil charges fighting the appointment of an Agency head?
Some claim over-regulation is the problem. I think this agency is long overdue.
Dear Thinking-Consumers will not be helped by setting up a new agency. Criminal prosecutions are the best remedy, as civil fines are simply passed along to the consumer in higher costs. These fines are now viewed as a cost of doing business. What we should be asking ourselves is why are there no criminal indictments or convictions? In the S&L financial debacle there were several hundred by this time.
This is NOT merely another Agency; this Agency represents the interests of the Consumer.
We currently have a government system where $$$$$$ paid to Lobbyists fight ALL meaningful change.
I agree Criminal prosecutions would have been a positive move. However, I am more concerned that the “POOR” consumer have “REAL” representation that can’t be bought by the powerful “RICH” interest groups. Notice how Republicans won’t approve the HEAD of this Consumer Agency !
Dear Thinking-Do you really think that because the agency is called a
consumer agency that it will protect the consumer? Setting up another
agency will not solve the problem. There is an old British comedy called Yes Minister, that teaches as well as amuses. It also makes the point that both parties & the bureaucracy are not the solution.
I believe that Countrywide was the one who gave Chris Dodd the much better terms on his home loan and no telling who else in Congress. We had corruption at the highest levels of government and the SEC was completely asleep at the switch when all these financial shenanigans were going on. Isn’t Crony Capitalism great?