Consumer protection agency will fail
Started by Riversider
over 15 years ago
Posts: 13572
Member since: Apr 2009
Discussion about
Has anyone noticed the hypocricy of creating a new agency inside the fed to protect the consumer against deceptive or abusive mortgages? The Fed already had this power and refused to exercise it! And Obama and Barney Frank have the balls to say things have changed. All anyone has to do is look up HOEPA! ------------------------------------ http://papers.ssrn.com/sol3/papers.cfm?abstract_id=1367973... [more]
Has anyone noticed the hypocricy of creating a new agency inside the fed to protect the consumer against deceptive or abusive mortgages? The Fed already had this power and refused to exercise it! And Obama and Barney Frank have the balls to say things have changed. All anyone has to do is look up HOEPA! ------------------------------------ http://papers.ssrn.com/sol3/papers.cfm?abstract_id=1367973 HOEPA also has a second major provision which gives the Federal Reserve Board the authority to prohibit unfair or deceptive lending practices and refinance loans involving practices that are abusive or against the interest of the borrower.24 This provision was potentially broader than the first because it allowed regulation of both the purchase and refinance markets, without regard to interest rates or fees. Federal Reserve Board chairman Alan Greenspan, however, declined to implement this provision.25 It was only after defaults on subprime and other risky loans ballooned into a full-blown crisis that Greenspan’s successor, Ben Bernanke, promulgated a binding rule banning specific loan abuses—and even then only for a limited group of loans—in July 2008.26 By then, however, the nonconforming mortgage markets had collapsed and the damage had been done. ----------------------------------------------- http://www.grittv.org/2010/07/21/william-k-black-elizabeth-warren-consumer-protection/ [less]
aboutready
about 3 hours ago
ignore this person
report abuse
let's knock over some fire hydrants. some of us can do it for sheer fun, some for p&v, others in protest of an unwieldy gov't.
Anyway, the husband's father dies. He flies home. She stays in Rome.
I don't know what to say.. Of course three air-line tickets are expesnive, but it sends a terrible message to the grand-daughter. Also the lack of emotional support assuming the husband as close to his father.
riversider---how good a time are you having? aren't you ashamed of yourself?
"I don't know what to say.. Of course three air-line tickets are expesnive"
Yeah I guess you are right. Next time the husband's father dies, if they are closer home they can think about it if they can get a 21 day advance purchase fare.
Actually no rs. He never went to Rome. He went home before the rest of us for work.
Wow, such a level you're sinking to. Nice
So why did you and your daughter skip the funeral? If you disliked your father-in-law I guess that would be an extenuating circumstance. Just curious, you must admit it sounds cold.
What funeral? There hasn't been any funeral. He's being buried at Arlington. There's a three month wait, at a minimum.
Got it, he was already home (he's the worker in the family), you were on vacation, you didn't bother to return.
When is the next vacation?
So no ceremony, family grieving , nothing? for three months?
I do not understand this at all.
why are you feeding this troll? why is this ok? you are a complete hypocrite.
dnfcc
only after mid-night.
riversider---you are a complete hypocrite. why do you continue to interact with hfs?
Rs, he died last week. A couple of days before I returned. Freak accident, dead within a day. There will be two memorial services. Neither have occurred yet.
You really are outdoing yourself here.
ok, i'll back off. if you had no opportunity to return then the criticism is unfair...
oh...how nice of you, you lying hypocrite.
oh...how nice of you, you lying hypocrite.
been there, done this.
Ignored comment. Unhide
" if you had no opportunity to return then the criticism is unfair..."
All that money saved on renting at PVC, and the ticket home was too expensive? Oh well, maybe next time he dies.
Back to the Times piece. Wall street saw their clients as counter-parties. According to the account when they learned the loans were bad they just took advantage to earn a higher profit. The were not acting as a fiduciary, and instead ripped off their clients. This is why wall street should be acting as a placement agent and not treat every buyer as someone who deserves to be ripped off.
--------------------------------------------------------
But some on Wall Street went further than simply peddling loans they knew were bad, according to the people briefed on some investigators’ findings. They say the firms used these so-called scratch-and-dent loans to increase their profits in the securitization process.
When due-diligence reports turned up large numbers of defective loans — known as exceptions — the banks used this information to negotiate a lower price on the mortgages they bought from the original lenders.
So, instead of paying 99 cents on the dollar for the problem loans, the firm would force the lender to accept 97 cents or perhaps less. But the firm would still sell the mortgage pool to investors at 102 cents or higher, as was typical on high-quality loan pools.
Wall Street enjoyed the profits these practices generated. And because lenders were financed by the Wall Street firms bundling the mortgages into securities, they were hesitant to reject too many dubious loans because doing so would slow the securitization machine.
http://www.nytimes.com/2010/07/25/business/25gret.html?ref=business
"Back to the Times piece."
What about aboutready's father in law dying and she remaining on vacation?
Hey Ulster,
Ignore the old gray lady. She's irrelevant & no one cares what she has to say
Is it not customary for the family to get together at least or pay a call of respect? It really sounds like this is not a close family.
The daughter had a hissy fit because her dress didn't have enough colors.
I would really like to see more counties..
rs, the family was together at his deathbed. It physically wasn't possible for me to be there. It wasn't physically possible for me to get back before his death.
But just keep on showing your real colors
dwell, not a grey hair on my head
So you went later?
" It wasn't physically possible for me to get back before his death. "
How many days after he died did you say you returned?
Rs and hfs. Maybe nada was right, after all.
http://webcache.googleusercontent.com/search?q=cache:pWTYD2RmhFIJ:https://streeteasy.com/nyc/talk/discussion/21642-cockney-rhyming-slang-and-brokers
greenecounty
about 14 hours ago Good to know.
This one though is worth reading, just posted:
columbiacounty
2 minutes ago
stop ignoring this person
report abuse
Hi...I,m actually hfscomm and I'm a complete asshole.
of course.
he/she/it is just having a grand old time here.
Who?
AR,
"dwell, not a grey hair on my head"
No, this doesn't refer to you, it refers to cc who is greyed out cuz he's on ignore. I wuz tryin' to be witty & equating cc with NYTs: both are irrelevant grey ladies.
Ar, I will not fight with you. Last we left it, I stated that because we seemed unable to communicate civilly, I decided not to communicate at all & I prefer to leave it that way cuz the dialogue gets too hot. However, my condolences on the loss of your father-in law.
Ditto.
I'm done if as well if a.r. will leave me alone.
but, i won't.
you are a lying hypocrite.
"However, my condolences on the loss of your father-in law."
Better directed to the husband. Aboutready doesn't seem to care. It isn't her family. The husband is just there for utility purposes anyway, to work to support aboutready and the trust for the daughter.
oh look, columbiacounty logged in as upperwestrenter
Hot Dog!
upper west schmendrik
dwell, thank you for your condolences. As you will have noticed I've honored your decision. Sorry I misunderstood your comment. And I won't even talk about the comment. See, restraint.
rs, particularly after this recent horrifyingly unwarranted line of questioning I'm not really so inclined toward peace. I'll think about it.
we're just playing tricks with you. It's psychological warfare hotdog boy.
I'm crazy like that.
CC is the rational one.
Thank you for the kind words.
upper west schmendrik
abi meleibt
http://www.dailymotion.com/video/x15gku_lipa-schmelzer_shortfilms
now, dat's musik!
River,
As far as NYC music videos go, I think Kent Swig wins the title of biggest midtown schmendrik. He kills a protest by hiring a high school marching band:
http://ny.curbed.com/archives/2007/05/01/as_the_sheffield_turns_we_think_we_love_kent_swig.php
Nice..
http://comics.com/pearls_before_swine/2009-02-23/
and
http://comics.com/pearls_before_swine/2009-02-24/
River,
that is freeking hilarious. Thank you.
Until age 11, I thought my birth name was Nudnick. I realize I've been spelling 'schmendrik' w/o a 'c'. I guess it's the blue bloods that use a 'c'. The litvocks were too poor to afford a 'c'.
aboutready
about 1 hour ago
dwell, thank you for your condolences.
most people I know would say, "thank you, he was a good man" or "thank you, we loved him and will miss him", or "thank you, he had a good life", or "thank you, he didn't have an easy life but he loved his granddaughter", or "thank you, he was a kind person, we loved him", ...
not "yeah, thanks for the condolences. I wasn't there when he died, kind of fucked up my vacation. Ugh, only 3 weeks until my next vacation. At least he can't fuck that up. oh, thanks dwell"
here's another goodie:
SHMEGEGGE: A petty person, an untalented person
There's another word I adore, but I'm not sure how to spell it & it's kinda dirty. If I ever see you, I'll tell you in person.
One more dwell. I think that was it for this strip..
http://comics.com/pearls_before_swine/2009-02-25/
Another delish piece of strudel, River. But, I don't think SE (streeteasy) shtinks!! lol!!
bed bugs: bed gavonsin
How can aboutready not understand the stronger rights to property of owners compared to renters? That is her either being disingenous or lacking comprehension.
She's a libertarian socialist. and is against private ownership. I guess from that point of view renters "own" their home... I'm having trouble understanding this. I looked up the definition of RENT ,"a payment made periodically by a tenant to a landlord in return for the use of land, a building, an apartment, an office, or other property". I don't see how you can call a leased residence your home in the same way someone who holds title to it.
I guess you can call any place that you sleep and store your possessions your "home" in an emotional sense, but you don't own it.
I sure hope John Kerry is for free and open markets..
and notice how he manages his taxes...
http://news.bostonherald.com/news/politics/view.bg?articleid=1270040
New England boat builders say shame on Sen. John Kerry for buying a $7 million New Zealand-built luxury yacht while local ship makers struggle to find work.
“Darn, that would have been a wonderful job for a Maine builder,” said Jane Wellehan, president of the trade group Maine Built Boats. “If someone comes to build a $7 million boat that would employ half the population of some towns for a year or two. Boat building is such a critical component of our coastal economy.”
Massachusetts has a 6.25 percent sales tax and local boat excise taxes, but Rhode Island does not tax boats. Kerry has homes in Boston and Nantucket, but has said he docks his yacht in Newport for upkeep and charter purposes. Kerry’s spokesman has said the senator will pay taxes if they are owed.
Where Kerry Docks His Boat: Senator John Kerry of Massachusetts is docking his new, $7 million, 76-foot New Zealand-built yacht in Newport, Rhode Island — 65 miles east of Nantucket, where he summers with his wife, the Boston Herald reports. But for that mild inconvenience, Mr. Kerry saved approximately $437,500 in sales tax and an annual excise tax of about $70,000 because Rhode Island has no tax on boat sales and use.
http://thecaucus.blogs.nytimes.com/2010/07/24/the-saturday-word-what-jobs-these-jobs/
You folks are still going at it!
dwell: You just made it onto the funniest guys on SE list.
When Kerry was running, his wife had my entire block closed down by the Secret Service -- so she could get her hair done at a salon on my street. I threatened to call the Press, and they finally let me walk to my building.
Hey Truth,
Thanx, yeah, yesterday was fun.
Madam Kerry: a cross bet Zsa Zsa Gabor & Mother Jones.
Remember she called herself an African-American? Ucch
Oh yeah! And she had some dumb-ass medical advice that she was spouting off about.
Yeah, at least we don't have to listen to hear annoying voice & ketchup face. Sail away, dahhhling!
dwell: Maybe a mother-sized whale will breach their yacht.
county?
columbiacounty ,you seem upset. Is it because aboutready wished us farewell? Conveniently timed the morning she was going on vacation?
She'll be back. She wished streeteasy farewell two years ago. Jsmith posted the link to her farewell, didn't you see it?
jsmith9005
about 11 hours ago
ignore this person
report abuse I think I've heard this before - http://streeteasy.com/nyc/talk/discussion/2496-the-sky-is-falling
Who wants to take an over/under that she posts again within 3 months?
aboutready
about 2 years ago
ignore this person
report abuse I'm sure a number of you will be happy to see my departure (although Spunky, I will truly miss you) but I have found a number of real estate blogs where I don't even feel compelled to post very often, because I agree generally with what's being said (and they're run by real estate brokers, no less.) I'm sure that nervous habit, or excessive boredom, will cause me to check in once in awhile (particularly about specific buildings I might be interested in), but generally I find you guys to be storks with your heads so stuck in the sand its gotta cause some major itching.
New York IS different, just not THAT much. Bye, and good luck.