Summary
Does there really have to be laws to enforce the laws? Is Congress just putting a band-aid on the real problem?
Analysis
One would think Congress could tell the difference between chicken little & the real mccoy. Then why pre-tell, has it taken so long for something to be done about a very axiomatic situation. Animals have preyed on the weak for centuries, just as working class America has been at the heals of credit card debt! This is not to say that all can simple cry lack of knowledge or ignorance, but the fine print & adhesion contracts have got to go! This article has the right tone when it uses the term predatory lending. Most Americans are basically robbing Peter to pay Paul, so what does the legal system think they will do when money is dangled in front of them, no matter the terms! What seems even more absurd is that we have to now pass laws to tell mortgage companies not to loan money to people who can’t afford to pay it back. Wasn’t that the basic premise all along? Usury was outlawed along time ago, loan sharks are disfavored, so why has it taken so long for Congress to pass laws to better protect the weak, or at least those financially strapped to the point that all of the marketing by the mortgage industry looks attractive! One would think that these regulations is fly by the Senate & become law without a blink. Does that mean the Republicans & Democrats have to agree, not likely, but this still seems inevitable! The real ripple affect may be that very few will fit the lending guidelines & even more may not find out that good programs are out there. Its good to advertise, just do something all want, say what you mean & mean what you say! http://www.eyesonobama.com/blog/content/id_53571/title_Speaker-House-Passes-Mortgage-Reform-Predatory-Lending-Bill/
