Death Panels For Non-Banking Financial Institutions ~ Mortgage Brokers Too?

By
Real Estate Agent

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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Re-Blogged 2 times:

Re-Blogged By Re-Blogged At
  1. Melissa Anderson 10/27/2009 12:13 PM
  2. Alice Linahan 10/30/2009 03:17 AM
  3. Alice Linahan 10/30/2009 03:20 AM
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Tags:
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Show All Comments
Rainer
36,063
Ross Westerman
Kingwood, TX
Bonnie, I am referring to the Federal Government seizing more and more rights that were not given by The Constitution of the United States of America.
Oct 27, 2009 11:06 AM #3
Rainer
293,571
Melissa Anderson
Mortgage of Texas & Financial - San Antonio, TX

Do you think he means Mortgage Brokers as well?  Since they are not an actual banking institution this could be a massive blow to folks employed by Mortgage Brokers.  I used to be one.

I became a Mortgage Banker (direct lender) because I feared what could happen to Brokers.  I'm not making a similarity between brokers and pawn shops, certainly not.  I'm just pointing out the "non banking" status mentioned in the post.

Imagine how many folks work for brokers?  Another massive job loss to an industry that is already suffering greatly.

I fear what these folks will do to our economy next. 

 

Oct 27, 2009 11:19 AM #4
Rainmaker
244,734
Bonnie Vaughan
Scranton, PA
CNE SFR - Buyers/Sellers - Lackawanna & Surroundin

Ross,  I knew what you were saying.  They read what they want into it.  There is no general welfare clause.

Oct 27, 2009 11:26 AM #5
Rainer
67,579
Jay-Paul Lowry
Riverside, CA

Hey what bout me...im an independent mortgage banker. i am a lender (non-depository) so that does that mean Mr. Frank is after me? Nevermind dumb question.

Really he would go after check cashers...his precious illegals need that service, i am sure there will be a problem with that. most check cashing companies provide funds to illegals who cannot get bank accounts.

Perhaps this means Frank plans on allowing illegals to access our banking system, he may have showed his hand to soon on this one!

 

JP

Oct 27, 2009 11:30 AM #6
Rainer
67,579
Jay-Paul Lowry
Riverside, CA

I wrote my first comment before I watched the video...now i am just pissed. i am really pissed. new post time!

 

JP

Oct 27, 2009 11:39 AM #7
Rainmaker
244,734
Bonnie Vaughan
Scranton, PA
CNE SFR - Buyers/Sellers - Lackawanna & Surroundin

Melissa, from what I understand a mortgage broker is a non-bank entity.  I have seen mortgage brokers on AR talking about the government looking to close up the industry.

The job loss from many of these non-banking financial institutions could be huge.  Lots of support staff is employed in these industries.

Oct 27, 2009 11:47 AM #8
Rainmaker
244,734
Bonnie Vaughan
Scranton, PA
CNE SFR - Buyers/Sellers - Lackawanna & Surroundin

JP don't get pissed at me. I'm just trying to keep us all up to speed.  things are happening so fast and by slight of hand we can hardly keep up.

Oct 27, 2009 11:49 AM #9
Rainer
293,571
Melissa Anderson
Mortgage of Texas & Financial - San Antonio, TX

I replied before I watched the clip also, I often just read the blog for info.

OH MY Goodness, this is nuts.  Most of the BAD mortgage brokers could not survive after the sub prime collapse.  Glad I'm not a broker, but they will be coming after the small bankers next I'm sure.

Oct 27, 2009 12:06 PM #10
Rainmaker
244,734
Bonnie Vaughan
Scranton, PA
CNE SFR - Buyers/Sellers - Lackawanna & Surroundin

Melissa, I hope the folks in Mass wake up soon.  I've met Barney Frank when I was invited to testify by Mel Watt on a bill he was sponsoring with Barney Frank.  I had no idea what he was like.  He was a jerk that day too.  What a horrible man he is.

Oct 27, 2009 12:56 PM #12
Rainmaker
244,734
Bonnie Vaughan
Scranton, PA
CNE SFR - Buyers/Sellers - Lackawanna & Surroundin

Dedra,  This entire administration is filled with Barney Franks.  Just remember not to throw up in the voting booth until after you vote them out.

Oct 27, 2009 12:57 PM #13
Rainer
293,571
Melissa Anderson
Mortgage of Texas & Financial - San Antonio, TX

I re-blogged this, hopefully folks wake up

Oct 27, 2009 01:12 PM #14
Rainmaker
244,734
Bonnie Vaughan
Scranton, PA
CNE SFR - Buyers/Sellers - Lackawanna & Surroundin

Thanks Melissa - that's the way to spread the word. 

Oct 27, 2009 01:22 PM #15
Rainmaker
319,542
Goodbye Active Rain
Out of Real Estate

This just keeps getting better and better! 

Oct 27, 2009 01:45 PM #16
Rainmaker
832,232
Broker Nick
South Florida Real Estate & Development, Inc. - Coconut Creek, FL
Broker Nick Relocation Broker Service

Bonnie - I just put up a blog on Barney Frank stating he wanted to tax the rich as they have plenty of money...they won't miss it.

Oct 27, 2009 02:02 PM #17
Rainmaker
244,734
Bonnie Vaughan
Scranton, PA
CNE SFR - Buyers/Sellers - Lackawanna & Surroundin

Tony,  Oh yeah, I got one more coming too.  Another communist in the group.

Oct 27, 2009 02:17 PM #18
Rainmaker
244,734
Bonnie Vaughan
Scranton, PA
CNE SFR - Buyers/Sellers - Lackawanna & Surroundin

Nick,  Barney is one of my least favorite people.  What a buffoon.  How he keeps getting re-elected is beyond me.

Oct 27, 2009 02:18 PM #19
Rainer
65,518
Patrick Scott
OConnor Title Guaranty, Inc. - Chicago, IL

I have worked for many years with mortgage brokers and non-depository mortgage bankers (yes Melissa, Mr. Frank regards you as a non-banker). The vast majority that I have worked with have been an asset to the housing and lending industries, and not the scourge and the Congwessman would suggest.  I have entrusted brokers and nondepository mortgages with my own transactions.  And I'm glad I did.  I have nothing at sll against banks, just saying that there is, and should remain, a place for the brokers.

On the other hand, we have perhaps the single most culpable instigator in the Congressman.  It was his subcommittee that had oversight over Fannie and Fweddie, was it not?   It was he who pushed hardest for the conditions that led to our current state of affairs, was it not?  There are many to blame, but most of them are not out front and center sniping at the minor players who played according to the rules he insisted on.

I hope the good people of Massachusetts soon see the folly in their long term employment of this guy.  He has to go.

Oct 27, 2009 03:34 PM #20
Anonymous
Anonymous
http://www.boston.com/bostonglobe/editorial_opinion/oped/articles/2008/09/28/franks_fingerprints_are_all_over_the_financial_fiasco/
Oct 27, 2009 04:03 PM #21
Rainmaker
244,734
Bonnie Vaughan
Scranton, PA
CNE SFR - Buyers/Sellers - Lackawanna & Surroundin

Patrick,  Wasn't Barney also instrumental in having lending rules relaxed so more poor families could afford housing? Wasn't he also a supporter of Acorn?  I thought he might have been.

Oct 27, 2009 11:00 PM #22
Rainmaker
205,952
Alice Linahan
Voices Empower - Argyle, TX

I just reblogged as well. It is insane that we are allowing this to happen

Please continue to do the great work you are in keeping us all informed

Oct 30, 2009 03:15 AM #23
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Rainmaker
244,734

Bonnie Vaughan

CNE SFR - Buyers/Sellers - Lackawanna & Surroundin
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