Big finance boosting its political gifts
As he touted his latest idea for home refinancing, aimed at helping up-to-date homeowners benefit from low interest rates even if the value of a home has fallen, President Obama showed off a simplified mortgage-disclosure form - one of the initial goals of the Consumer Financial Protection Bureau he championed.
"This is what a mortgage form should look like," Obama said, recalling the difficulty that he and his wife, Michelle, faced - even as newly trained lawyers - in parsing papers presented to them when they bought their first condo.
Simplifying mortgage-disclosure documents is part of the nuts-and-bolts of consumer protection. If that wasn't obvious before the housing bubble and financial crisis, it was painfully so afterward, when we learned how the mess was triggered in large part by exotic and confusing loans that weren't in anybody's interests - except that of lenders or loan brokers who sold them immediately and never had to worry about the micro- or macroeconomic risks of defaults.
In its first six months on the job, the CFPB has pursued similarly basic goals for those who borrow via credit cards or student loans. It has built a user-friendly website ( www.consumerfinance.gov ) to help educate consumers about financial products and their risks, and established a central place where borrowers can direct complaints if something goes wrong. It has helped thousands of consumers win relief - and helped thousands of others understand why a lender was sticking to its guns. It is working to help seniors, military families, payday-loan borrowers, and others at extra risk of confusion or scams.
So why did blocking the CFPB's start-up become a rallying cry for virtually every Republican in the U.S. Senate? Why did they choose to filibuster the nomination of Obama's choice to head the agency, former Ohio Attorney General Richard Cordray, and demand that the Dodd-Frank financial reforms be weakened before they took effect?
For that matter, why did some Democrats seem so cozy during the Dodd-Frank debates with a financial industry whose unwise risks almost triggered Great Depression 2.0?
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The reporter speculates the government will use FHA/FN/FH to refi loans they don't already guarantee. But what's the cost if the government isn't assuming some losses? And the mechanics of entering the private mortgage market make one's head spin.
However, the average time a loan is outstanding is three months, and would be redeemed at £1240. Perhaps the biggest rehabilitation of pawnbrokers' image has occurred by favourable comparison. Payday loans with APRs rocketing into the thousands make
In its first six months on the job, the CFPB has pursued similarly basic goals for those who borrow via credit cards or student loans. It has built a user-friendly website (www.consumerfinance.gov) to help educate consumers about financial products and
These days, you'll have to fill out many more forms and produce a lot more documentation, on average, just to get your loan considered. The percent of loans that required “full documentation” declined steadily from 2000 through 2006, hitting a low of
Stelmokas owns Club Gintaras, a Chicago tavern that also serves as the headquarters of his side business of making "payday loans" and cashing third-party checks. Kodzius and Vilma Madson, who lived with him, are the sole shareholders of V & V
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