Will good finally triumph over evil? Perhaps ... if women are in charge
(LP Note: Had the powers-that-be in the federal government listened to and acted upon the advice of three women — Elizabeth Warren, Brooksley Born and Sheila Bair — the 2008 economic meltdown would not have happened. But instead, testosterone, greed, hubris and ego triumphed while the world economy went down the tubes. More about this subject can be found on Vox Verax here.)
New consumer agency is frightfully necessary — and late
By Elizabeth Warren
No one has missed the headlines: Haphazard and possibly illegal practices at mortgage-servicing companies have called into question home foreclosures across the nation.
The latest disclosures are deeply troubling, but they should not come as a big surprise. For years, both individual homeowners and consumer advocates sounded alarms that foreclosure processes were riddled with problems.
While federal and state investigators are still examining exactly what has gone wrong and why, two things are clear.
First, several financial services companies have already admitted that they used “robo-signers,” false declarations, and other workarounds to cut corners, creating a legal nightmare that will waste time and money that could have been better spent to help this economy recover. Mortgage lenders will spend millions of dollars retracing their steps, often with the same result that families who cannot pay will lose their homes.
Second, this mess might well have been avoided if the Consumer Financial Protection Bureau had been in place just a few years ago.
(Elizabeth Warren in the head of the new Consumer Financial Protection Bureau. Read the rest of this article at http://www.miamiherald.com/2010/12/22/v-print/1991294/new-consumer-agency-is-frightfully.html.)
New consumer agency is frightfully necessary — and late
By Elizabeth Warren
No one has missed the headlines: Haphazard and possibly illegal practices at mortgage-servicing companies have called into question home foreclosures across the nation.
The latest disclosures are deeply troubling, but they should not come as a big surprise. For years, both individual homeowners and consumer advocates sounded alarms that foreclosure processes were riddled with problems.
While federal and state investigators are still examining exactly what has gone wrong and why, two things are clear.
First, several financial services companies have already admitted that they used “robo-signers,” false declarations, and other workarounds to cut corners, creating a legal nightmare that will waste time and money that could have been better spent to help this economy recover. Mortgage lenders will spend millions of dollars retracing their steps, often with the same result that families who cannot pay will lose their homes.
Second, this mess might well have been avoided if the Consumer Financial Protection Bureau had been in place just a few years ago.
(Elizabeth Warren in the head of the new Consumer Financial Protection Bureau. Read the rest of this article at http://www.miamiherald.com/2010/12/22/v-print/1991294/new-consumer-agency-is-frightfully.html.)
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1 Comments:
Ms Warren is correct in her criticism of financial services companies, too bad she stops short of the "full truth" and mentions the imact of Fannie Mae and Freddie Mac credit polies, artificially low federal funds rates and the political obsession for increasing home ownership... all have a common thread - government. I think we need less of that type of government, not more. Who was it that wanted to audit Fannie and Freddie and who blocked the attempts? Warren should ponder why the powers-that-be believed in home ownership for all instead of the liberty of a limited government.
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