July 21st, 2010. Filed under: Wednesday's Wonders.
I received the latest piece of propaganda today regarding this wonderful new legislation signed into law by Obama today. I rarely get very excited over e-mail from the White House, even if it does come from the vice president. That hasn’t changed.
These are what he considers some of the highlights:
There’s now a single agency responsible for looking out for consumers: the Bureau for Consumer Financial Protections. Instead of seven agencies dealing with these issues part-time, one agency will be in charge of establishing clear rules of the road for banks, mortgage companies, payday lenders and credit card lenders.
Mortgage brokers won’t make a higher commission by selling people mortgages that they can’t afford. This was a major factor in the recent housing crisis. Now brokers and banks have to take into consideration a borrower’s ability to repay before giving a home loan.
You’ll be able to get a free credit score if you’re denied a loan, an apartment, or a job because of your credit, so you won’t be turned down without knowing why. Right now, you get one free credit report a year, but you can’t see your credit score for free, even if a lender or employer rejects your application because you have bad credit.
No more bailing out banks with our tax dollars, no more “too big to fail.” If a company’s in trouble because of risky gambles, it will have to liquidate — and do so before it can take down the rest of the financial system.
Regarding that third point – when did they stop allowing a free copy of your credit report if you were turned down for a credit card, etc.? In my younger and no so financial savvy days, I received free credit reports more than once when I was turned down.
And the no more bailing out of banks – now they can just be hijacked by the government like the auto and insurance industries. I’m glad most of my banking is done through a credit union. It feels like a safer place to be.
If you want to see more of the promotion of this law, go to the White House blog. Of course, they don’t mention just how much deeper in debt our country will be now. I hope China has deep pockets.
Tags: finances, Obama, Propaganda, Wall Street, White House
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I received the latest piece of propaganda today regarding this wonderful new legislation signed into law by Obama today. I rarely get very excited over e-mail from the White House, even if it does come from the vice president. That hasn’t changed.