Wells Fargo (click title to entry - thank you) and some other large banks would like private companies, perhaps even themselves, to become the new housing finance giants helping to bundle individual mortgages into securities — that would be stamped with a government guarantee....
Hm? Bundling individual mortgages into securities. Isn't that illegal YET?
The banks have presented their ideas publicly through trade groups. Housing industry consultants and people familiar with recent meetings at the Treasury Department (Mr. Wall Street Himself - Secretary Geithner) say these banks view the government’s overhaul of the mortgage market as a potential profit opportunity. Treasury officials have met with executives from several institutions, including Wells Fargo, Morgan Stanley (No surprise here.), Goldman Sachs (Why there is Former Secretary Hanky Paulson.) and Credit Suisse (Oh, what joy a foreign company owning most of the USA real estate market.), according to a public listing of the meetings. ...
(Reuters) - Federal agencies regulating mortgage servicers (click here) and other financial products will not "double-team" companies who fall short of the law, the head of the Federal Trade Commission said on Thursday.
Some businesses had feared that the FTC, which will share jurisdiction with the new Consumer Financial Protection Bureau (CFPB) in some areas, would both investigate offenses, potentially along with state attorneys general.
The CFPB will issue rules -- as yet unspecified -- regulating financial products like credit cards and mortgages. The FTC enforces laws against unfair or deceptive practices in lending, loan servicing, debt collection and related areas.
"My sense is that your fears will turn out to be unfounded," FTC Chairman Jon Leibowitz said in remarks to the U.S. Chamber of Commerce.
"My strong sense is that neither agency will have the time to double team legitimate businesses," he said.
Instead, Leibowitz said, the agency would work to "weed out the crooks and the scam artists."...
So, let's see. There won't be any 'double dipping' for the purpose of enforcement of laws between the FTC and the NEW consumer protection bureau established after the global banking collapse of 2008 AND the new House Majority would just as well DESTROY the consumer protecion agency all together so they can have Wall Street do it all over again.
Rep. Randy Neugebauer, R-Texas, (click here) chairman of the Oversight and Investigations Subcommittee of the House Financial Services Committee, has sent a four-page letter to Elizabeth Warren requesting specific information on the depth and scope of the ongoing activities within the Consumer Financial Protection Bureau (CFPB).
Neugebauer stated that he has not been privy to any details on the CFPB's organizational structure, nor did he have information regarding its hiring process. Neugebauer cited a July 29, 2010, article from Bloomberg that said the CFPB could have more than 1,000 employees, and he asked Warren to confirm the accuracy of the figure.
Neugebauer noted that the CFPB is still without an official leader. "Congress has not received an update on the status of a permanent director of the CFPB since Sept. 22, 2010," he wrote, adding that he felt Warren's exact role in the CFPB's creation remains hazy....
I tell you what. Watch the House Republicans completely UNDERFUND the entire protection system set up to protect The American Dream. Amazing. Here we go again.
1/20/2011
by Claude R. Marx
Saying she is "executing a fatally flawed plan," the lawmaker in charge of overseeing the new consumer agency asked point person Elizabeth Warren four page of organizational and policy questions on the new consumer bureau.
Rep. Randy Neugebauer (R-Texas) asked Warren, who is coordinating the set up of the Consumer Financial Protection Bureau before it begins operating in July, to explain which policies “are in place to avoid potential duplicative, conflicting or overlapping rulemakings that are currently under way, but will ultimately be under the regulatory authority of the CFPB?”
He also asked Warren how the new bureau plans to evaluate the impact of its regulatory efforts so as to “avoid the over-regulation that might stifle financial innovation and leave some market participants worse off.’’
Neugebauer, who chairs the House Financial Services Committee’s Subcommittee on Oversight and Investigations, also asked Warren about the bureau’s hiring practices and its budget. He requested a response by Jan. 31.
President Obama hasn’t named a director of the bureau, which is housed in the Treasury Department while it is being set up and then will be housed at the Federal Reserve.
Saying she is "executing a fatally flawed plan," the lawmaker in charge of overseeing the new consumer agency asked point person Elizabeth Warren four pages of organizational and policy questions on the new consumer bureau.
Rep. Randy Neugebauer (R-Texas) asked Warren, who is coordinating the set up of the Consumer Financial Protection Bureau before it begins operating in July, to explain which policies “are in place to avoid potential duplicative, conflicting or overlapping rulemakings that are currently under way, but will ultimately be under the regulatory authority of the CFPB?”
He also asked Warren how the new bureau plans to evaluate the impact of its regulatory efforts so as to “avoid the over-regulation that might stifle financial innovation and leave some market participants worse off.’’
Neugebauer, who chairs the House Financial Services Committee’s Subcommittee on Oversight and Investigations, also asked Warren about the bureau’s hiring practices and its budget. He requested a response by Jan. 31.
President Obama hasn’t named a director of the bureau, which is housed in the Treasury Department while it is being set up and then will be housed at the Federal Reserve....
Click here to read the FOUR PAGES of time consuming harassment of Elizabeth Warren.
Does anyone besides me every get the impression Repuglicans really, really HATE the American people. I guess we get 'in the way' of crony profits. Ya think?
I have a suggestion for Professor Warren. The CFPB has work to do. AND. Until that work has begun and there are reports to ACTUALLY report on, the House needs to stop taking up the bureau's time. There needs to be a 'schedule' of when the CFPB is required to report on all matters facing the agency. There should be NO political harassment of ANY agency, especially one that has very little to report on in the first place.
The 'time' has already been spent in previous legislation to outline the CFPB and I strongly suggest the politically motivated harassment needs to STOP !
I am satisfied the CFPB is being lead by a very well credentialed woman.
If I am not mistaken, repeatedly interrupting the work of THE EXECUTIVE BRANCH rings of ethics violations to me.
Click here to read the FOUR PAGES of time consuming harassment of Elizabeth Warren.
Does anyone besides me every get the impression Repuglicans really, really HATE the American people. I guess we get 'in the way' of crony profits. Ya think?
I have a suggestion for Professor Warren. The CFPB has work to do. AND. Until that work has begun and there are reports to ACTUALLY report on, the House needs to stop taking up the bureau's time. There needs to be a 'schedule' of when the CFPB is required to report on all matters facing the agency. There should be NO political harassment of ANY agency, especially one that has very little to report on in the first place.
The 'time' has already been spent in previous legislation to outline the CFPB and I strongly suggest the politically motivated harassment needs to STOP !
I am satisfied the CFPB is being lead by a very well credentialed woman.
If I am not mistaken, repeatedly interrupting the work of THE EXECUTIVE BRANCH rings of ethics violations to me.
