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"There's Only One Way to Stop Predatory Lending;" New Rules End Protections

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Congress in 2010 created the Consumer Financial Protection Bureau to stand watch, & expand the scope of the reports that (mortgage) lenders must file. This data makes it easier to identify predatory lending and discrimination. 'Perhaps the most obvious lesson from the 2008 financial crisis was the need for stricter supervision of mortgage lending, now with his new rules, Trump  would reduce federal oversight of lending. The CFPB ended special examinations of lending to members of the military, who are often targeted by high-rate lenders. The bureau also moved to shield student loan servicers from state regulation. “ “The bureau has abandoned the very consumers it is tasked by Congress with protectingInstead, you have used the bureau to serve the wishes of the most powerful financial companies in America.'wrote to Mr. Mulvaney in a fiery resignation letter.'The wrecking ball  rolls on!

Read the rest of the story HERE:

At www.nytimes.com

 

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I began teaching in 1963,; Ba and BS in Education -Brooklyn College. I have the equivalent of 2 additional Master's, mainly in Literacy Studies and Graphic Design. I was the only seventh grade teacher of English from 1990 -1999 at East Side (more...)
 

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Susan Lee Schwartz

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". And the Trump administration could significantly reduce the value of the new data by tinkering with the details of the reporting requirements. A proposal to exempt loans to limited liability companies, for example, would shield a large chunk of the mortgage lending for multifamily housing."

Rogue lawyers write the rules for the elite. They create the loopholes that lets them fleece the people.

Submitted on Friday, May 24, 2019 at 5:29:27 PM

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Here is how it works -- eliminating rules that serve we the people: The pattern extends beyond the bureau. In 2018, a federal judge set aside the ruleand the Trump administration embraced the decision. Sales of fixed indexed annuities have since grown by more than40 percent.

By doing this, 'the Labor Department last year abandoned the rule written during the Obama years that required investment advisers to act in the interest of their clients, and to tell clients when the advisers stood to benefit financially from a particular product... making large bonuses by persuading clients to buy fixed indexed annuities, which eliminate the risk of investing in the stock market at the expense of a significant chunk of the upside. After the Obama administration issued its rule in 2016, sales plunged as advisers became more cautious about marketing the annuities, perhaps adopting the view of independent experts that the products can be a waste of money."

But wasting our money and going to the rich is the Trump way...so, NEW RULES.

Submitted on Friday, May 24, 2019 at 5:36:19 PM

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You know how our young college grads were preyed upon by predatory lenders, now look at what happened to the taxi drivers.

When you have a snake-oil salesmen as the model in the White house, a man who soaked students and anyone who bought into his 'schemes' -- then it is the end of America as a land where the RULE OF LAW, protects the people.

The world sees this clearly. But our People watch Fox News.

Submitted on Friday, May 24, 2019 at 5:53:12 PM

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