If anyone doubts that Big Banks are out to crush their competition read Donne Knudsen's post. The video describes Barney Frank's Financial Stability Improvement Act that is aimed and small mortgage banks.
The FDIC is also taking aim at mortgage brokers with Regulation Z - [R-1366]. Barney and the FDIC have joined in creating laws that would wipe out over 70% of BoA, Chase, CitiBank and Wells Fargo's competition.
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Donne Knudsen (Cobalt Financial Corp.):
I subscribe to the daily webcasts of Think Big, Work Small (TBWS), which is hosted by these two guys, Brian Stevens & Frank Garay. TBWS was founded a couple of years ago by a bunch of real estate and mortgage people who wanted to teach others in the business how to work smarter to grow their business.
Today's video was especially interesting because it seems that Barney Frank and his big, national bank friends are at it again. They have once again come up with new regulation to try and drive out the big, national banks competition - small, community wholesale lenders. Currently, small, community wholesale lenders are generating approx. 40% of originations today and more than 50% of FHA originations, which is why Barney Frank and his big, national bank friends want to create more regulation in the name of "consumer protection" in oreder to get rid of these small, community wholesale lenders.
Anyway, here is today's video and I hope you enjoy it as much as I did. I want to also suggest checking out some of their more recent ones too as well as their blog threads. Very interesting discussions going on.
Watch Video
Bill Ladewig
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You are right. They want you out of the way so the banks and only the banks get the business. Eliminate the competition the same way they do it with National Health Care! These are socialists using "Free market terms" that have no bearing on their real agenda. Increase competition...etc. Let me ask you...did deregulating phones, natural gas help anyone in the big picture?