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Ready for Congressional Oversight of Mortgage Loan Products??

According to a news release today, Congress has just introduced legislation that if passed would establish a panel to provide independent mortgage advice.

The new "panel" would be called the "Financial Products Safety Commission," and would "provide independent advice to consumers on mortgage products. It would also be charged with approving new financial and home loan products before they can be marketed to consumers."

Is this just one step closer to governmental control of banking and finance?

Or is this potentially some much needed and long over-due oversight of mortgage loan products?

Randy Hooker - Chandler, Gilbert, Mesa, Queen Creek, Arizona Real Estate

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Posted by Randy Hooker ~ Gilbert, Chandler, Mesa, Queen Creek on 03/10/2009 03:58 PM

Comments (19)

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19 Comments on Ready for Congressional Oversight of Mortgage Loan Products??

MAR

2009

Hmmm...not sure if it is really needed. You think we could oversee things on our own.

Randy- SCARY! More government intervention and they can't even take care of what they are stewards over and now want to increase their red tape! Could you just imagine how much longer it would take to get anything done? Government, stay out of our business!

Oh my gosh! The last time I listened to a hearing conducted by Barney Frank, one of the members of the House of Representatives didn't know what P.I.T.I. meant.

Another suggested that mortgage regulations should follow the examples of the credit unions.

This proposal gives me no comfort.

Hi Randy

Well this were the mortgage mess started they had the policy oversight that caused the mess, now they will have the oversight to clean up the mess they started, My eyes are about to pop out.

Good luck and success

Lou Ludwig

Chuck ~ apparently we can't,at least not according to our elected officials. I'm starting to feel like an 8-year-old again, and NOT in a good way!

Nester & Katerina ~ actually, those are my sentiments exactly! Just how much "help" can we stand, and from folks who don't know their heads from their butts?!?!?

Lenn ~ you mean this latest Congressional control move doesn't give you any 'warm and fuzzy' feelings? LOL Who or what exactly do they see that makes them think they can do any better? OMG!

Lou ~ my eyes AND my brain are about to pop out! Just when I think the insanity has surely run its course, it comes roaring back! It kinda reminds me of the Black Plague, wiping out everything in its path, including our free enterprise system.

Randy-

"Or is this potentially some much needed and long over-due oversight of mortgage loan products?"

Yes!

And we posted about it here where we also linked back to your post.

http://www.defendyourdollars.org/2009/03/new_financial_watchdog_agency.html

Hi Tim! Thanks for weighing in, and thank you for the back-link. Question: Do you feel comfortable and confident that any federal regulatory agency/commission can provide appropriate oversight and true consumer protection in the area of mortgage loan products?

As I have said many times, I just become afraid immediately when I hear about the Government becoming more involved in anything.

I know where you stand, JL ~ but with a consumer advocacy group in the picture, the bottom line question seems to be, "Who do you trust more - big government or big banks?"

Randy, who knows? I can't imagine anyone in the government being able to oversee anything money related - especially when so many "forget" to pay taxes - that is, until they're called to be on the cabinet. ;-)

Anything our government does, makes me automatically distrust them all the more. They never have the interests of the people at heart. Their concern is for themselves. And if for once in their lives, they really did want to help the people, they'd be incapable. They've had their heads in holes in the ground for too long.

It's scary and it's going to lead to a BIGGER mess. Randy, don't even get me started on thisl All I can say is double dittos on Katerina's response.

MAR

2009

Hey there, Lady in Red ~ you gotta love the irony! They can't manage themselves, or really much of anything that I can think of, but they are totally convinced that they can 'protect' the individual home buyer and homeowner in this country. LOL

Lisa ~ Oh no - tell me it's not so! Please don't tell me we have a heard of ostrich leading our country! Scary, isn't it. ;-)

Teresa ~ I love double-dittos! Don't let this stuff get to you... just relax, do what you do, enjoy life, and tomorrow will take care of itself. :)

Randy, it might not be a horrible idea. Look where we've gotten with no oversight? I'm normally not into government regulating industry, but the problem is just so extreme. I think the best approach is regulating the type of disclosure more effectively than they do now.

MAR

2009

NO NO NO NO NO.....do not regulate the industry. Regulate the quality of the people IN the industry. Raise the standards to be in Banking and Real Estate.

Why do we want "Big Daddy" with the ruler standing over us? Why is that more appealing to us than striving to be better educated and street savvy?

Let's stop lowering the standards. Let's stop "living with Uncle Sam". Let's take care of ourselves. Wouldn't we rather be an independant, free, and equal adults?

Listen. Adding 10 more pieces of paperwork, crushing the cutsomer with so much legal jardon they may break down and cry after signing everything...will not help.

More forms, addenda, requirements, and 40 page contracts won't stop the intelligent, crafty and unethical person(s) from taking advantage of the system. A criminal will find a way to rip you off. They only way to prevent being scamed/swindled/bamboozled is to outsmart the criminal.

Pat ~ I hear you. "Extreme" is fairly descriptive of everything going on these days. We really have lost sight of "moderation," and that might very well be the scariest aspect of all.

Raine ~ Did I hit a nerve? :) I agree with you that the last thing ANY of us wants, including the consumer, is more government regulation. And I've been an outspoken advocate of higher standards in our profession and industry. But given the low levels of competency and integrity in our elected officials, how can we expect them to 'raise the bar' over their own heads? Thanks a million for your passionate comments!

opps. One too many NOs :D that was the extra cup of coffee. Gets me jumpy. I also read a few pages at that backlink site http://www.defendyourdollars.org/2009/03/new_financial_watchdog_agency.html

before I posted...hummmm

I'm working on deep breathing and thinking of grey whale sounds.

Ahhhh all better

I appreciate your comment concerning the competency of elects. I never considered that, so I will continue to practice deep breathing.

As always, Randy, great post!

Raine

MAR

2009

I recently came across your blog and have been reading along. I thought I would leave my first comment. I don't know what to say except that I have enjoyed reading. Nice blog. I will keep visiting this blog very often. Alanna http://www.craigslistguide.info

Hi Alanna! Thank you very much for not only reading, but for commenting as well. It's always nice to hear from my readers, and encouraging that you're enjoying what I write. If you ever have any specific questions I can answer for you and your situation, please feel free to email or call me directly. Otherwise, I'll look forward to seeing your comments on my blog in the future. Thanks again, and have a terrific weekend!! :)

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Randy Hooker ~ Gilbert, Chandler, Mesa, Queen Creek

Gilbert, AZ

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