Death Panels For Non-Banking Financial Institutions ~ Mortgage Brokers Too?
This blog deserves the attention of every person in the financial industry. I am not a mortgage broker, but I know many folks who work for them as well.
Thankfully I am a mortgage banker, direct lender. That is the difference between a non bank entity mentioned in the blog and you tube clip.
Mortgage Brokers, take the time to review this. I think most of the bad brokers were wiped out in 2007, Barney Frank does not seem to think so.
Barney Frank is going to introduce legislation to rid everyone of those miserable non-banking financial institutions.
Congressman Barney Frank (D-MA) stated in September of 2009 that "There will be death panels enacted by this Congress, but they will be for non-bank financial institutions that will not be considered too big to die." Barney Frank, the House Financial Services Committee Chairman, made this remark during a hearing with Treasury Secretary Timothy Geithner.
What is a non-banking financial institution?
- Insurance firms
- Pawn shops
- Cashiers check issuers
- Check cashing locations
- Currency exchanges
- Microloan organizations
Non-bank institutions frequently acts as
- Suppliers of loans and credit facilities
- Supporting investments in property
- Trading money market instruments
- Funding private education
- Wealth management such as Managing portfolios of stocks and shares
- Underwrite stock and shares
- TFCs and other obligations
- Retirement planning
- Advise companies in merger and acquisition
- Prepare feasibility, market or industry studies for companies
- Discounting services e.g., discounting of instruments
Here is Barney Frank (and Treas, Sect. Tim Geithner) SMUGGLY discussing the KILLING of thousands of jobs in the Mortgage Industry.
He promises DEATH PANELS for Certain Financial Institutions. Namely NON-BANK Entities, who in his words are “NOT TOO BIG TO DIE”.
Rep. Frank: 'Death Panels' for Large Fin. Inst.It's an Obama World and change is what we are going to get. These are basically small or entrepreneurial businesses who employ thousands of Americans.
I thought we were creating new jobs for the currently unemployed, not adding to the unemployment.
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Bonnie and Jayne Vaughan - Driven and Dedicated Realtors
A Real Estate partnership dedicated to our clients ~ driven by their desires
Lackawanna County and surrounding areas -
Scranton and Clarks Summit, Pennsylvania
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