Comments on: How Obama's financial watchdog could protect you http://moremoney.blogs.money.cnn.com/2009/06/17/how-obamas-financial-watchdog-could-protect-you/ Money Magazine looks at a wide range of personal finance issues and asks for your feedback. Tue, 22 Dec 2009 00:19:01 +0000 http://wordpress.com/ hourly 1 By: Anonymous http://moremoney.blogs.money.cnn.com/2009/06/17/how-obamas-financial-watchdog-could-protect-you/#comment-18095 Anonymous Mon, 06 Jul 2009 03:34:11 +0000 http://moneyfeatures.blogs.money.cnn.com/?p=1310#comment-18095 I have been in banking/lending for 19 years....and have been lied to by the "American public" concerning income more times than one. There is enough blame to go around to everyone in every industry.We were the bad guys when we were lending, now we're the bad guys when we tighten standards. There's no winning. Face it, there's going to be a time that people have to pay down debt before they are within their limits to borrow again. NO MORE STATED INCOME FOLKS!!! As for the 5% that are incurring overdraft fees.....sounds like they need to learn to balance their checkbooks. Alot of them do it on purpose when they realize they can!! I have been in banking/lending for 19 years….and have been lied to by the "American public" concerning income more times than one. There is enough blame to go around to everyone in every industry.We were the bad guys when we were lending, now we're the bad guys when we tighten standards. There's no winning. Face it, there's going to be a time that people have to pay down debt before they are within their limits to borrow again. NO MORE STATED INCOME FOLKS!!!
As for the 5% that are incurring overdraft fees…..sounds like they need to learn to balance their checkbooks. Alot of them do it on purpose when they realize they can!!

]]> By: MLS, Los Angeles, CA http://moremoney.blogs.money.cnn.com/2009/06/17/how-obamas-financial-watchdog-could-protect-you/#comment-17304 MLS, Los Angeles, CA Mon, 22 Jun 2009 01:10:01 +0000 http://moneyfeatures.blogs.money.cnn.com/?p=1310#comment-17304 My concern is why haven't the agencies that were in place like Consumer Protection Agencies done more about these banks and financial situations??? Mortgage preditory lenders usually looked at by HUd or ACLU who should have done something before and stopped them. I applaud this, but because the financial industry has been in cahoots with government for so long- this is hard to believe that things will change. Hope they do THEIR job and this isn't just lip service. My concern is why haven't the agencies that were in place like Consumer Protection Agencies done more about these banks and financial situations???
Mortgage preditory lenders usually looked at by HUd or ACLU who should have done something before and stopped them.
I applaud this, but because the financial industry has been in cahoots with government for so long- this is hard to believe that things will change.
Hope they do THEIR job and this isn't just lip service.

]]> By: Gloria, Durham, North Carolina http://moremoney.blogs.money.cnn.com/2009/06/17/how-obamas-financial-watchdog-could-protect-you/#comment-17302 Gloria, Durham, North Carolina Mon, 22 Jun 2009 00:34:25 +0000 http://moneyfeatures.blogs.money.cnn.com/?p=1310#comment-17302 I feel that President Obama's main interest is for the people. This move in his administration has been needed for years. If there had been clear understanding in mortgages and financial school loans, we would have been better off. Since he is cleaning up over due mess, the mission to ensure that consumers have a clear understanding,from this point on, of the financial products they use, as well as to protect them from abusive or unfair practices. On any given day, one can walk and see so many different prices for the same products. All of that fine print on applications is totally ridiculous. Last but not least, where were all of the ideas and criticisms before President Obama? I feel that President Obama's main interest is for the people. This move in his administration has been needed for years. If there had been clear understanding in mortgages and financial school loans, we would have been better off. Since he is cleaning up over due mess, the mission to ensure that consumers have a clear understanding,from this point on, of the financial products they use, as well as to protect them from abusive or unfair practices. On any given day, one can walk and see so many different prices for the same products. All of that fine print on applications is totally ridiculous. Last but not least, where were all of the ideas and criticisms before President Obama?

]]> By: Miguel Tinoco, Orlando, Fl http://moremoney.blogs.money.cnn.com/2009/06/17/how-obamas-financial-watchdog-could-protect-you/#comment-17281 Miguel Tinoco, Orlando, Fl Fri, 19 Jun 2009 13:48:28 +0000 http://moneyfeatures.blogs.money.cnn.com/?p=1310#comment-17281 Miguel Tinoco Reply: June 18th, 2009 at 10:50 am Godspeed to all of us. This new finacial agy that President Obama wants to set up is a low blow to the American people..What makes me mad is that during his most recent speech he MISLEAD the American people to conitnue to believe that the Federal Reserve Bank is a US government Agy when in effect it is not. In other words, we are for sale and a buyer is approaching like a big bad wolf savoring the meal to come. I hope they all fall in the same hole that they are digging for us. I also hope that the American people awakens to realize our awful situation and fight for their rights as our forefathers did. Miguel Tinoco Reply: June 18th, 2009 at 10:50 am

Godspeed to all of us. This new finacial agy that President Obama wants to set up is a low blow to the American people..What makes me mad is that during his most recent speech he MISLEAD the American people to conitnue to believe that the Federal Reserve Bank is a US government Agy when in effect it is not. In other words, we are for sale and a buyer is approaching like a big bad wolf savoring the meal to come. I hope they all fall in the same hole that they are digging for us. I also hope that the American people awakens to realize our awful situation and fight for their rights as our forefathers did.

]]> By: Richard, NYC http://moremoney.blogs.money.cnn.com/2009/06/17/how-obamas-financial-watchdog-could-protect-you/#comment-17274 Richard, NYC Fri, 19 Jun 2009 01:47:41 +0000 http://moneyfeatures.blogs.money.cnn.com/?p=1310#comment-17274 I am sure that this plan will work just as well as that amazing HVCC appraisal plan by Andrew Cuomo. Talk about someone that knows nothing. Hey Andrew, how did that plan help the consumer when he cant move the appraisal to another lender if for some reason they get denied. Now the consumer has to pay for another appraisal. Worked well Genious. It truly is amazaing how the Fed is going to use the mortgage broker as the scapegoat for their and the lenders mistakes. Brokers don't create loans, we just sell the products they offer. I am sure that this plan will work just as well as that amazing HVCC appraisal plan by Andrew Cuomo. Talk about someone that knows nothing. Hey Andrew, how did that plan help the consumer when he cant move the appraisal to another lender if for some reason they get denied. Now the consumer has to pay for another appraisal. Worked well Genious.

It truly is amazaing how the Fed is going to use the mortgage broker as the scapegoat for their and the lenders mistakes. Brokers don't create loans, we just sell the products they offer.

]]> By: Cindy, Houston, TX http://moremoney.blogs.money.cnn.com/2009/06/17/how-obamas-financial-watchdog-could-protect-you/#comment-17263 Cindy, Houston, TX Thu, 18 Jun 2009 22:24:15 +0000 http://moneyfeatures.blogs.money.cnn.com/?p=1310#comment-17263 Government intervention causing Fannie and Freddie to lower their underwriting standards was the beginning of the bad situation we face today. Typically when the government steps in to "help" it has unintended negative consequences. There are already plain vanilla loan programs available to those who are financially responsible, including all levels of income. Government intervention causing Fannie and Freddie to lower their underwriting standards was the beginning of the bad situation we face today. Typically when the government steps in to "help" it has unintended negative consequences. There are already plain vanilla loan programs available to those who are financially responsible, including all levels of income.

]]> By: Rich, NYC http://moremoney.blogs.money.cnn.com/2009/06/17/how-obamas-financial-watchdog-could-protect-you/#comment-17228 Rich, NYC Thu, 18 Jun 2009 17:43:10 +0000 http://moneyfeatures.blogs.money.cnn.com/?p=1310#comment-17228 Its amazing how Barney Frank say there and watched the entire mortgage industry and thought nothing was wrong when it was going well. Maybe he should have gotten up off his butt then. The Fed is saying can you believe that people make more money by charging a higher rate, did you know that a t shirt sells for $10 at one location and $20 at another. Maybe we cap sears and macys, etc to what they can charge. Idiots. Its amazing how Barney Frank say there and watched the entire mortgage industry and thought nothing was wrong when it was going well. Maybe he should have gotten up off his butt then.

The Fed is saying can you believe that people make more money by charging a higher rate, did you know that a t shirt sells for $10 at one location and $20 at another. Maybe we cap sears and macys, etc to what they can charge. Idiots.

]]> By: JMartella medford, NJ http://moremoney.blogs.money.cnn.com/2009/06/17/how-obamas-financial-watchdog-could-protect-you/#comment-17227 JMartella medford, NJ Thu, 18 Jun 2009 17:42:35 +0000 http://moneyfeatures.blogs.money.cnn.com/?p=1310#comment-17227 Bank's are running scared now and not lending to qualified applicants; wait until this commission is formed. If you don't "walk on water" today, your chances of getting a mortgage loan are slim and none. The big mortgage companies i.e. Countrywide, New Century, Ameriquest, WAMU, Option One, that caused this meltdown are gone along with their "Exotic loan products" and faulty underwriting practices. The mortgage industry went from one extreme to the next. I have been in the banking and mortgage industry for over 35 years and I've never experienced lending practices that we see today. Companies need to hire underwriters that are held accountable for the loans they approve; not robots. When the economy starts to improve and people who lost their jobs go back to work but their credit was tarnished - under today's credit standards--who is going to make mortgages to these people. Bank's are running scared now and not lending to qualified applicants; wait until this commission is formed. If you don't "walk on water" today, your chances of getting a mortgage loan are slim and none. The big mortgage companies i.e. Countrywide, New Century, Ameriquest, WAMU, Option One, that caused this meltdown are gone along with their "Exotic loan products" and faulty underwriting practices.
The mortgage industry went from one extreme to the next. I have been in the banking and mortgage industry for over 35 years and I've never experienced lending practices that we see today. Companies need to hire underwriters that are held accountable for the loans they approve; not robots. When the economy starts to improve and people who lost their jobs go back to work but their credit was tarnished – under today's credit standards–who is going to make mortgages to these people.

]]> By: Anonymous http://moremoney.blogs.money.cnn.com/2009/06/17/how-obamas-financial-watchdog-could-protect-you/#comment-17191 Anonymous Thu, 18 Jun 2009 03:48:58 +0000 http://moneyfeatures.blogs.money.cnn.com/?p=1310#comment-17191 Maybe we should pay the president and the congress over time based upon THEIR performance- as a mortgage loan officer, this is the most absurd thing I have ever heard! Maybe we should pay the president and the congress over time based upon THEIR performance- as a mortgage loan officer, this is the most absurd thing I have ever heard!

]]> By: AndyS, Washington DC http://moremoney.blogs.money.cnn.com/2009/06/17/how-obamas-financial-watchdog-could-protect-you/#comment-17189 AndyS, Washington DC Thu, 18 Jun 2009 01:45:25 +0000 http://moneyfeatures.blogs.money.cnn.com/?p=1310#comment-17189 This agency could help, but still to early to tell. Along with the recently credit card reform ( http://www.savingtoinvest.com/2009/05/credit-card-reform-bill-penalizing-good.html ) there is also a risk of over regulation, which just ends up costing consumers more. Smart and transparent regulation is more important than blind regulation. This agency could help, but still to early to tell. Along with the recently credit card reform ( http://www.savingtoinvest.com/2009/05/credit-card-reform-bill-penalizing-good.html ) there is also a risk of over regulation, which just ends up costing consumers more. Smart and transparent regulation is more important than blind regulation.

]]> By: Patty Kessler, Punta Gorda, Florida http://moremoney.blogs.money.cnn.com/2009/06/17/how-obamas-financial-watchdog-could-protect-you/#comment-17188 Patty Kessler, Punta Gorda, Florida Thu, 18 Jun 2009 01:17:11 +0000 http://moneyfeatures.blogs.money.cnn.com/?p=1310#comment-17188 The government should not be dictating what financial products financial institutions offer (i.e. "all would have to offer a plain vanilla mortgage.." Consistent disclosure of terms and risks is acceptable. CRA was bad legislation -- do not build on or expand it. The government should not be dictating what financial products financial institutions offer (i.e. "all would have to offer a plain vanilla mortgage.." Consistent disclosure of terms and risks is acceptable. CRA was bad legislation — do not build on or expand it.

]]> By: Vince Avallone, Mullica Hill, NJ http://moremoney.blogs.money.cnn.com/2009/06/17/how-obamas-financial-watchdog-could-protect-you/#comment-17184 Vince Avallone, Mullica Hill, NJ Wed, 17 Jun 2009 23:56:36 +0000 http://moneyfeatures.blogs.money.cnn.com/?p=1310#comment-17184 If this bill passes everyone could forget about obtaining a mortgage to purchase or refinance a home. This will drive broker out of business, not to mention appraisers, title company, real estate brokers and agents, and everyone in the mortgage business completely. Think that's bad, NO ONE will be able to borrow a dime, in fact lenders may start to call in their loans. All of you who voted for this guy are going to feel the pain as well, hopefully you won't be that stupid again. Call your politian in Congress and tell him to vote against this madness. Remember, we did credit, and if we had some easy credit now wouldn't it be helpful. If this bill passes everyone could forget about obtaining a mortgage to purchase or refinance a home. This will drive broker out of business, not to mention appraisers, title company, real estate brokers and agents, and everyone in the mortgage business completely. Think that's bad, NO ONE will be able to borrow a dime, in fact lenders may start to call in their loans.

All of you who voted for this guy are going to feel the pain as well, hopefully you won't be that stupid again. Call your politian in Congress and tell him to vote against this madness.

Remember, we did credit, and if we had some easy credit now wouldn't it be helpful.

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