"These nonbank firms include payday lenders — which offer cash loans at steep fees to typically low-income individuals — mortgage-modification consultants and smaller state and local mortgage brokers, many of which originated “toxic” subprime mortgages that set the stage for the crisis of 2008."
Fannie, Freddie, Goldman Sachs, the Fed, home free...
When the credit guys have the CFPB visit, are they going to tell them to get the **** out of their business?
I would.
But then what happens?
You can thank Frank/Dodd for this.
Pretty much describes Obama too.
You and Obama escaped meaningful federal oversight for your appointment.
And, as an employee of a mortgage broker, I can attest to the choking federal oversight that's been implemented against us for years now.
Maybe these guys can help me with Congress and their IRS SWAT team? Timmy G is out sticking me with all sorts of predatory borrowing.
The payday lenders now have standing to sue...
I want to hear speeches and TV and radio interviews from NH and SC calling Obama a rogue president for this extra-constitutional appointment. It’s really easy to put into a 30-second ad, also. Hammer Obama about this. It’s a winner.
Those supplying private capital to people are a threat to the goal of greater government control and ultimately enforcing "equality" of condition throughout the American people.
The Left wants to consolidate all lending through either the government itself, entities like Fannie/Freddie, or the big banks (which for policy purposes are extensions of the government).
The sad part of this is that republicans and conservatives would support common-sense oversite of these businesses. That’s why the democrats instead put together this fatally flawed organization that has no accountability and no method for congress to control appropriations — so the Republicans would have no choice but to oppose it.
The democrats don’t care if it works, just that they can look like the saviors of the little people while republicans look like the defenders of the greedy.
This is in part because republicans are so bad at messaging, and in part because I’m sure there is a part of the conservative movement that DOES think any regulation like this is uncalled for, and therefore would bitterly oppose the common-sense passage of legislation that could deal more reasonably with the issue. When you refuse to compromise in any way, shape, or form, your opponent gets blame, credit, and full control over what happens, and if there is something to be gained from it, you might lose the fight, the war, and the hearts of the people.
Anyway, it will be interesting to see if republicans can make the reasonable arguments that this agency is unconstitutional, that congressional oversight is a NECESARY component of good government and good regulation, and that regardless, the president can’t simply act like a king even in the pursuit of “good” — since every king thinks they are acting for good, at least at first.
Hugo Chavez is proud of his fellow traveler. Who needs a constitution?
The whole agency is a smokescreen for the real corruption in the lending industry.