Posted on 07/13/2009 5:36:53 PM PDT by BellStar
Mortgage lenders and financial institutions face the biggest overhaul of financial regulation since the Great Depression. A plan outlined by President Barack Obama calls for the creation of a powerful new regulator to oversee all aspects of mortgage lending, continued lender liability on securitized loans and the elimination of the Office of Thrift Supervision (an agency of the US Treasury Department which is responsible for regulating the savings and loan industry).
President Obama has unveiled a comprehensive plan for regulatory reform, which he describes as a “response to an historic economic crisis”.
Obama said that the unravelling of major financial institutions and a lack of adequate regulatory structures were among the most significant contributors to the economic downturn. He said the current regulatory regime, which is a product of the Great Depression, was overwhelmed by the “speed, scope, and sophistication” of a variety of new and complex financial instruments.
(Excerpt) Read more at lendingcentral.com ...
“It needlessly rips apart all the existing regulatory agencies, eliminates charter choices and creates a new agency with powers to mandate loans and services that go well beyond consumer protection.”
A plan outlined by President Barack Obama calls for the creation of a powerful new regulator to oversee all aspects of mortgage lending, continued lender liability on securitized loans and the elimination of the Office of Thrift Supervision (an agency of the US Treasury Department which is responsible for regulating the savings and loan industry).
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Let’s call it what it is. ANOTHER CZAR to operate OUTSIDE THE GOVERNMENT STRUCTURE (and its checks and balances) to enable Obama to do as he pleases. This wanna-be dictator keeps working at it. Hugo Chavez would be jealous. When will the Congress wise up and stop Obama army of czars so that he must operate under the scrutiny of Congress???
Empty suit's create empty words.
Obama just makes it look really, really difficult and laborious to conjure and state empty words.
Dictator in the making, hmmm, could be. Don’t know. What we goina do boss?
As soon as Congress has no fear of repercussions via reparations by showing dissent toward a half white.
Makes sense this would happen. We are seeing the reversal of a 60 year trend, and the beginnings of a steady drop in home ownership anyway, and whenever the Gov’t gets involved, they only make the situation worse.
This clown’s a tear a minute.
Dude.
Congress is COOL with it.
Congress is on the side of tyranny.
I inherited a large metal slitly shabby building on an acre of land in a nice area. I sold my large home. I than built a realy nice large apartment and office inside this building and run my business out of the rest of the building. From the outside it looks like a business and no hint of my abode from the street. I needless to say have lots of storage. And don’t exist in the traditional suburbia since. That today is a good thing. I don’t own a home.
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