Republicans try to kill Consumer Financial Protection agency before it even starts

[Truthmatters]

I know you many times ignore my posts when you can not refute the cold hard facts given you

 

[Chris]

The sooner this heaping pile of trash is dismantled the better. Not only is it an insult by insisting that the government knows what's best for me and my finances, it also is another potentially job killing monstrosity.

What killed the jobs was the lack of government regulation on Wall Street that allowed them to run a $516 TRILLION DOLLAR derivative Ponzi scheme under the Bush administration.

Do you nderstands derivatives?

Silly question. You don't understand jack shit.

Do you have any facts or just silly insults?

 

[Truthmatters]

All they have is phoney facts an hate for real facts and insults.

They will deny all sorts of documented facts to hang onto their historically failed ideas.

 

[The Rabbi]

What killed the jobs was the lack of government regulation on Wall Street that allowed them to run a $516 TRILLION DOLLAR derivative Ponzi scheme under the Bush administration.

Do you nderstands derivatives?

Silly question. You don't understand jack shit.

Do you have any facts or just silly insults?

Every post of yours is filled with class war envy and outright bullshit. What more proof do you want?

 

[Bfgrn]

Go and Google "fake moon landing" and you'll find over a million results.
Doesn't make it true.

Again, there is no such thing as predatory lending. Any more than there is predatory car insurance. Lenders make loans based on criteria and price them accordingly. No one forces borrowers to take these loans and they are documented extensively. I can say this having worked for 9 years as a B/C mortgage originator and sat in on hundreds of closings.

There aren't predatory lending practices and they never happened.

HUD Predatory Lending
Predatory Lending and Its Common Practices
http://www.chlp.org/docs/predlending.pdf
PREDATORY LENDING PRACTICES / ABUSIVE LOAN PRACTICES
Curbing Predatory Lending Practices - The Nader Page
Texas Response to Predatory Lending Practices
Iowa Attorney General, Tom Miller
Staff Report on Predatory Lending Practices
About Predatory Lending
A Brief Primer on Fighting Predatory Lending Practices
http://www.predatorylendinglaw.com/Attachments/Primerof10.05.pdf
Wells Fargo Sued for Predatory Lending Practices : ADI News

What excacty are the reasons that 50 states are chasing financial institutions in court?

Because mortgage companies don't vote and deadbeat borrowers do.

You should really get your information from someplace other than Google. You would sound more credible.

Is the Wall Street Journal 'credible' enough for you Monica?

Why are all you right wingers so fucking ignorant? EVERYTHING you believe is nothing but bullshit social propaganda spoon fed to you by the Fox News, right wing talking heads and every other mouthpiece for the elite. It is amazing you make it across the street without getting creamed...you don't even know your ass from a hole in the ground!

Here is what we DO know:

1) The financial crisis was not caused by low and middle income families buying a home.

2) It was not caused by dead beat poor people.

3) Fannie and Freddie were not to cause.

4) The Community Investment Act was not the culprit either.

The crisis was caused by private lending, to mostly upper middle class and the wealthy. ONLY 6% of of all the higher-priced loans were extended by CRA-covered lenders to lower-income borrowers or neighborhoods in their CRA assessment areas. The majority of those foreclosed on were wealthy and upper middle class, plus a large segment of buyers who were wealthy home flippers looking for a fast buck. They strategically walked away from their mortgages, leaving people who bought homes to live in with lower values on their house and neighborhood.

AND, what really sucks for the right wing propaganda of lies, all the way back to the late '90's there was one very outspoken and vocal critic of predatory lending practices, they even held protests at companies like Wells Fargo and Lehman Brothers...ACORN


WSJ - Fed’s Kroszner: Don’t Blame CRA

WSJ - Fed’s Kroszner: Don’t Blame CRA - The Sequel

Reuters - UPDATE 2-Lending to poor didn't spur crisis

Don't Blame the Community Reinvestment Act

Business Insider - Here's Why Fannie And Freddie Are Not At Fault For The Housing Bubble

Center for Responsible Lending - CRA is not to Blame for the Mortgage Meltdown

Don't blame Fannie and Freddie

Private sector loans, not Fannie or Freddie, triggered crisis

ForeclosureS.com - ACORN - Progress in the Fight Against Predatory Lending

Acorn Led Financial Sector With Warnings on Lending

Biggest Defaulters on Mortgages Are the Rich

The Millionaire Foreclosure Club

Foreclosure double standard: Why the rich get away with defaulting

More Rich People Default On Mortgages

The rich bail faster on mortgages

Biggest Defaulters on Mortgages Are the Rich

Rich Borrowers More Likely to Default on Mortgage

Foreclosures & Walking Away: 60 Minutes Eyes an ‘Epidemic’

Speculation By Investors Largely Cause Of Foreclosure Crisis

How the Foreclosure Crisis Started: Investors, Speculators, Mortgage Fraud & Lax Lending Standards


"Eighty percent of Republicans are just Democrats that don't know what's going on"
Robert F. Kennedy Jr.

 

[Quantum Windbag]

Red Tape - Efforts to undermine new consumer agency amateurish, dangerous

Typical

Good for them. The CFPA is not about protecting consumers.

REALLY? Then what is the CFPA about???

You actually have to ask?

Making credit harder to get for the people that need it most, and making it more expensive for everyone else.

 

[Quantum Windbag]

REALLY? Then what is the CFPA about???

More gov't control. Don't you read the papers?

SO...our founding father's intent was for government to get out of the way so large corporations can swindle the people?

Oh, that's right...wealth= virtue. The elite are never unethical, they are just 'savvy'

They are not subject to ethics, morals or 'personal responsibility'...that is for the 'commoners'

The American right...peasants for plutocrats

Of course not, which is why they set up the court system and allowed people to sue companies, and each other. Yet, for some reason, you think we need to be protected from banks that offer an overdraft service that will cover checks if you do not have enough money.

Can you explain that?

 

[Quantum Windbag]

Many warned of it.

The right just pretended it was never coming.

Then as soon as it happened they blamed it on someone else.

Its what the right does non stop.

Would you like a link to the many Democrats that ignored the warnings, or a list of the Republicans that were calling for reform?

 

[The T]

Many warned of it.

The right just pretended it was never coming.

Then as soon as it happened they blamed it on someone else.

Its what the right does non stop.

Really TDM? You mean like Bawney Fwank?



Barney Frank’s Friends with Benefits; Update: New Fannie/Freddie lavish comp figures


Back in '03/ '04/'05 Republicans were sounding the siren call...DEMS as Fwank and Dodd wouldn't hear of it...BUSH sounded concern in 2001

Educate yourself would you?

[ame="http://www.youtube.com/watch?v=cMnSp4qEXNM"]YouTube - ‪Timeline shows Bush, McCain warning Dems of financial and housing crisis; meltdown‬‏[/ame]

Now Obama has chosen to reward BAD behaviour...

Over the last two years, the Obama administration has approved a whopping $34.4 million in compensation to the top six executives of the financially troubled Fannie Mae and Freddie Mac mortgage giants while lacking basic protections to ensure such compensation is warranted, a federal watchdog found.

The largesse flowed to the six executives even though the two companies they run struggle to staunch billions of dollars in losses, remain in government conservatorship, and are required to repay taxpayers for assuming the companies’ liabilities during the mortgage crisis. Fannie and Freddie are tapping Treasury Department funds each quarter to help pay 10 percent dividends owed to the U.S. government.

“The need for effectiveness, integrity, and transparency in FHFA’s programs and operations cannot be overstated,” said Inspector General Steve Linick, a former Justice Department prosecutor confirmed by Senate last year to watch over federal housing programs. “Fannie Mae and Freddie Mac have received almost $154 billion in taxpayer funding to support the still-fragile housing market. In addition, they own or guarantee about $5.4 trillion in residential mortgage obligations.”

 

[Bfgrn]

Good for them. The CFPA is not about protecting consumers.

REALLY? Then what is the CFPA about???

You actually have to ask?

Making credit harder to get for the people that need it most, and making it more expensive for everyone else.

WHY, because they can't swindle people as easily? WHY is honesty, ethics, and morals in business practices so adverse to you right wing fanatics? Do you honestly believe that wealth = virtue?

WHY is making contracts simple and easy to understand such a problem for you Monica's for the elite by going from 30 pages to 1 or 2 pages. The ONLY reason for the 30 page contracts is to swindle people out of their money.

Try to comprehend THIS...more kids today have parents that have gone through bankruptcy than have gone through a divorce.

 

[Dot Com]

Pretty brazen display of who they work for

 

[Soggy in NOLA]

REALLY? Then what is the CFPA about???

You actually have to ask?

Making credit harder to get for the people that need it most, and making it more expensive for everyone else.

WHY, because they can't swindle people as easily? WHY is honesty, ethics, and morals in business practices so adverse to you right wing fanatics? Do you honestly believe that wealth = virtue?

WHY is making contracts simple and easy to understand such a problem for you Monica's for the elite by going from 30 pages to 1 or 2 pages. The ONLY reason for the 30 page contracts is to swindle people out of their money.

Try to comprehend THIS...more kids today have parents that have gone through bankruptcy than have gone through a divorce.

Stupid people do stupid things and they must suffer the consequences. We don't need another bloated government bureaucracy to micro-manage our lives.

 

[Oddball]

REALLY? Then what is the CFPA about???

More gov't control. Don't you read the papers?

SO...our founding father's intent was for government to get out of the way so large corporations can swindle the people?

Oh, that's right...wealth= virtue. The elite are never unethical, they are just 'savvy'

They are not subject to ethics, morals or 'personal responsibility'...that is for the 'commoners'

The American right...peasants for plutocrats

Well, it certainly wasn't so the gubmint itself could swindle the people...Which is all that claiming that you need even more regulation and bureaucracy, when all that which you already have can't deliver the goods amounts to.

Then you have the nerve to shoot off your fat yap about others of being enablers of plutocrats.

 

[The T]

You actually have to ask?

Making credit harder to get for the people that need it most, and making it more expensive for everyone else.

WHY, because they can't swindle people as easily? WHY is honesty, ethics, and morals in business practices so adverse to you right wing fanatics? Do you honestly believe that wealth = virtue?

WHY is making contracts simple and easy to understand such a problem for you Monica's for the elite by going from 30 pages to 1 or 2 pages. The ONLY reason for the 30 page contracts is to swindle people out of their money.

Try to comprehend THIS...more kids today have parents that have gone through bankruptcy than have gone through a divorce.

Stupid people do stupid things and they must suffer the consequences. We don't need another bloated government bureaucracy to micro-manage our lives.

Much less save people from themselves. With Liberty comes responsibility. It's such an easy concept.

 

[Bfgrn]

You actually have to ask?

Making credit harder to get for the people that need it most, and making it more expensive for everyone else.

WHY, because they can't swindle people as easily? WHY is honesty, ethics, and morals in business practices so adverse to you right wing fanatics? Do you honestly believe that wealth = virtue?

WHY is making contracts simple and easy to understand such a problem for you Monica's for the elite by going from 30 pages to 1 or 2 pages. The ONLY reason for the 30 page contracts is to swindle people out of their money.

Try to comprehend THIS...more kids today have parents that have gone through bankruptcy than have gone through a divorce.

Stupid people do stupid things and they must suffer the consequences. We don't need another bloated government bureaucracy to micro-manage our lives.

Stupid people...like hard working Americans who don't have a law degree or a team of lawyers to go over a scurrilous contract?

If the last financial crisis taught us anything...corporations and banks cannot regulate themselves. We need MORE not less government regulations and stiffer enforcement.

You say people must suffer the consequences. Not ONE of the elite Wall Street thieves was arrested or prosecuted.

 

[Quantum Windbag]

REALLY? Then what is the CFPA about???

You actually have to ask?

Making credit harder to get for the people that need it most, and making it more expensive for everyone else.

WHY, because they can't swindle people as easily? WHY is honesty, ethics, and morals in business practices so adverse to you right wing fanatics? Do you honestly believe that wealth = virtue?

WHY is making contracts simple and easy to understand such a problem for you Monica's for the elite by going from 30 pages to 1 or 2 pages. The ONLY reason for the 30 page contracts is to swindle people out of their money.

Try to comprehend THIS...more kids today have parents that have gone through bankruptcy than have gone through a divorce.

How were they swindling people? All the provisions of the contract where right there, and they are available in different languages if you do not speak English. I have even called up the customer service department and asked about contract provisions before I accepted them because I specifically wanted to know what would cause them to change my interest rates, and they were quite happy to explain it to me.

All you are able to point to is people who feel cheated because they did not read the contract, and got upset when they charged too much, or wrote a check for more than they had, or did something else stupid, and then had to pay the price. The result of this is that I no longer have free checking at my bank because other people were too stupid to read the contract.

So, explain to me again why I should support this organization that is not even part of the government even though it has the power to write regulations that make my life more difficult. While you try to wrap your partisan brain around that, I will simply assume that you will fail.

I await your strongly worded and personally insulting proof that I am correct.

 

[Bfgrn]

WHY, because they can't swindle people as easily? WHY is honesty, ethics, and morals in business practices so adverse to you right wing fanatics? Do you honestly believe that wealth = virtue?

WHY is making contracts simple and easy to understand such a problem for you Monica's for the elite by going from 30 pages to 1 or 2 pages. The ONLY reason for the 30 page contracts is to swindle people out of their money.

Try to comprehend THIS...more kids today have parents that have gone through bankruptcy than have gone through a divorce.

Stupid people do stupid things and they must suffer the consequences. We don't need another bloated government bureaucracy to micro-manage our lives.

Much less save people from themselves. With Liberty comes responsibility. It's such an easy concept.

HERE is a concept you faux Constitutionalists are never willing to accept. Our founding fathers outlived the documents they created and actually governed. Ever hear of the saying, actions speak louder than words? So HOW they actually governed is how THEY actually interpreted those documents.

Our founding fathers believed in very heavy regulations and restrictions on corporations. They were men who held ethics as the most important attribute. They viewed being paid by the American people for their services as a privilege not a right. And they had no problem closing down any corporation that swindled the people, and holding owners and stockholder personally liable for any harm to the people they caused.

Nineteenth-century laws regulating corporations in America

*Corporations were required to have a clear purpose, to be fulfilled but not exceeded.2

*Corporations’ licenses to do business were revocable by the state legislature if they exceeded or did not fulfill their chartered purpose(s).3

*The state legislature could revoke a corporation’s charter if it misbehaved.4

*The act of incorporation did not relieve corporate management or stockholders/owners of responsibility or liability for corporate acts.5

*As a matter of course, corporation officers, directors, or agents couldn’t break the law and avoid punishment by claiming they were “just doing their job” when committing crimes but instead could be held criminally liable for violating the law.6

*State (not federal) courts heard cases where corporations or their agents were accused of breaking the law or harming the public.7

*Directors of the corporation were required to come from among stockholders.8

*Corporations had to have their headquarters and meetings in the state where their principal place of business was located.9

*Corporation charters were granted for a specific period of time, such as twenty or thirty years (instead of being granted “in perpetuity,” as is now the practice).10

*Corporations were prohibited from owning stock in other corporations, to prevent them from extending their power inappropriately.11

*Corporations’ real estate holdings were limited to what was necessary to carry out their specific purpose(s).12

*Corporations were prohibited from making any political contributions, direct or indirect.13

*Corporations were prohibited from making charitable or civic donations outside of their specific purposes.14

*State legislatures could set the rates that some monopoly corporations could charge for their products or services.15

*All corporation records and documents were open to the legislature or the state attorney general.16

The Early Role of Corporations in America

The Legacy of the Founding Parents

 

[FA_Q2]

REALLY? Then what is the CFPA about???

You actually have to ask?

Making credit harder to get for the people that need it most, and making it more expensive for everyone else.

WHY, because they can't swindle people as easily? WHY is honesty, ethics, and morals in business practices so adverse to you right wing fanatics? Do you honestly believe that wealth = virtue?

WHY is making contracts simple and easy to understand such a problem for you Monica's for the elite by going from 30 pages to 1 or 2 pages. The ONLY reason for the 30 page contracts is to swindle people out of their money.

Try to comprehend THIS...more kids today have parents that have gone through bankruptcy than have gone through a divorce.

Bullshit. 100% of credit offers I have EVER received all came with ONE half page chart that showed EXACTLY what the pay and interest terms were not just for one card but usually for the damn set of 3 or 4. That is why I never had a credit card, the annual fee was right there in black and white and I won’t pay a fee to purchase something. The problem was that Americans were all too eager to get something for nothing and the companies were all to willing to give it to them. THEY WANTED IT. The people choose the path they were not because of a lack of understanding but simple greed. I won’t forgive a corporation for overextending themselves and I would forgive the individual either. By doing that we encourage repeat behavior.

You want to know why the contracts are so long? It has nothing to do with fleecing cash from the consumer. It has EVERYTHING to do with government bureaucracy. Laws are so complex that you need a 10 page contract to take a piss. It is the inevitable end of all bureaucratic entities. They add layer upon layer of complication to justify their own existence. You think this new agency will be any different then you are nuts. That is not how the machine works or has EVER worked.

 

[thereisnospoon]

How can we afford this new agency?
As if we didn't have enough in this area already.
More and more government is not the answer.

If allowed to do it's job, the reduction in interest on credit cards will be enough to fund the agency.

Oh please...
For every one of the latest government mandated "consumer protections" the banks have reacted by raising fees and interest rates to cover their losses. The ultimate result is far tighter credit.
Reduction of interest rates will fund the new bureaucracy? Ok, let's come back from LA LA land, shall we. Do you really think the federal government can wave a magic wand and mandate banks simply reduce interest rates for borrowers? Banks will simply stop issuing credit to all but those with the most sterling credit histories. Which on the surface is not necessarily a bad thing, but in reality would effectively grind the consumer portion of the economy to a standstill. Not only that, the political strategy of this is clear. The goal is to push credit issuing banks to lend only to highly rated credit worthy people. Most of those would be upper income people....The Left would then have another class envy arrow in their political quill to shoot at the GOP....
Any person with more than two brain cells knows this new authority would never get it's funding through reduction of interest rates. It's not going to happen.
This is nothing more than federal nanny state meddling.

 

[thereisnospoon]

People can't make financial decision for themselves.

They need the all-knowing hand of the government to protect them.

The Government is my shepherd,
I shall not want;
He makes me lie down in green technology...

You're amusing...in a wholly irrelevant way.

What do you think happens when average ordinary Americans find themselves up against businesses which do not act in good faith?

Have you heard of how credit card companies get young kids and adults on credit with contracts that are pages long (that nobody reads, by the way) and interest rates that can jump up to well over 30% (or higher) just because of late payments?

Or how about the banks who haven't been following proper legal procedure when it comes to mortgage forclosures on 100s of thousands of homes?

They there's the whole pay day loan debacle that's going on nationwide.

That's just for startes.

What hope to you think that individuals stand when trying to deal with companies like this when they might not even be based in ther own state?

And that's not even taking into account the fly-by-night companies which close up shop when the heat is on, move to another location or state and start all over again with changed business names.

Consumers can make good financial decisions, but when it comes to dishonest or fraudulent companies and their owners, consumers don't really stand a chance. And as long as the chances of getting caught or prosecuted is slim, nothing will change.

They "get kids to apply"?......Umm, in order to enter into an agreement to borrow, one must make a clear and conscious choice. There is no evil hand that makes people sign up. They do this of their own volition. They have no one to blame but themselves and their need for instant gratification and their sense of entitlement to credit.