We Don’t Need No Stinkin’ Regulation?
I posted this comment at Tim Ferris today.
And the banks in Ohio say they should be excluded from recent predatory lending legislation because they are federally regulated. Do we really want to allow regulation of loan practices to be enforced by agencies that don’t enforce rules on their own agencies? We should be making these decisions not well-paid lobbyists hired by the very institutions to be regulated.
It is worth clicking through to read the entire article on Fannie Mae’s scary accounting tactics.
May 24th, 2006 at 1:04 pm
Thanks Gloria,
I’m sending that article to a relative of mine. They got caught in a predatory scam and are in danger of losing their home.
Their lenders tactics are all smoke and mirrors, I’ll stop short, not being an attorney, of calling it “fraud”.
Mich and I have been scrambling finding sources for them and trying to get them some help.
Very timely post for me.
I’m heading to Tim’s place.