by hilzoy From the NYT : “Banks and mortgage lenders are placing top priority on killing President Obama’s proposal to create a new consumer protection agency that would regulate home loans, credit card fees, payday loans and other forms of consumer finance. The Obama administration fired an opening shot on Tuesday, sending Congress a detailed, 150-page proposal for an agency that would set new standards for ordinary mortgages, restrict or prohibit risky loans, investigate financial instit
The Mortgage Crisis Blog Mortgage Crisis
Banks Balk at Agency Meant to Aid Consumers Banks and mortgage lenders are placing top priority on killing President Obama ’s proposal to create a new consumer protection agency that would regulate home loans, credit card fees, payday loans and other forms of consumer finance. The Obama administration fired an opening shot on Tuesday, sending Congress a detailed, 150-page proposal for an agency that would set new standards for ordinary mortgages, restrict or prohibit risky loans, investig
The Mortgage Crisis Blog Mortgage Crisis
On CNBC today (hat tip: Tyler Durden), Merrill Lynch Economist David Rosenberg had some discomfiting news for those betting on a quick recovery.”…Although jobless claims have peaked, they’ve been over 600,000 for what, about 20 weeks in a row… consistent with job losses and a higher unemployment rate…and what’s very interesting about this particular cycle is that companies have let go 8,000,000 workers… and we have the work-week at a record low of 33 hours. So what’s gonna happen is, e
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Dear CIGAs, JB Slear asks what is in your garage? Jim Sinclair’s Commentary There are green shoots here. I know it. Just a minute now, I will find them. Jim Sinclair’s Commentary States are bracing for shutdowns. Other states are right behind California. The Formula of 2006 is so far on the money, yet few will yet accept the final outcome as it pertains to the US dollar. Despite the Formula being correct so far, many still doubt its position on the US dolla
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Conventional wisdom says the focal point for the most critical story of our time – the Economic Collapse of ‘08 – is an overheated, over-levered, greed-riddled financial system. It’s a common refrain during sharp contractions – a call for the heads of the perceived culprits who it’s believed put us here. And the consensus media narrative seems to be going even farther this time. This thread says that materialistic American consumers and money-mad Wall Streeters – with an assist from self-
The Mortgage Crisis Blog Mortgage Crisis
