About the financial reform bill the Senate passed last night ......

[Stinky The Clown]

I saw a blurb on teevee that listed the high points. One of them was "Requires borrowers to prove they can pay their mortgage."

I'm okay with that. But my question is, does any of the bill require that lenders have some accountability for their deceptive loan practices? And to whom must borrowers prove this? The lenders? The government? Frank Zappa's ghost?

[MadHound]

1. This financial reform bill is just so much window dressing.

It doesn't limit the size of banks, it doesn't reinstate Glass-Steagall, it doesn't rein in credit card rates or regulate the payday loan industry.

It is simply more window dressing designed to get Dems reelected, not actually help the people or this country.

[Nite Owl]

2. Accountibility? For Banks?

If it does they sure are having a happy day today: Goldman up 4.5%, Bank of America up 3.8%, Citi up 4.2%
That big down at the open--they were up. They got what they needed.

[DrDan]

3. where have I seen thiis before . . . . . hmmmmmm . . . . oh yeah, I remember

[damntexdem]

4. I'd be in favor of Frank Zappa's ghost.

At least there'd be a ghost of a chance that the reform would work. ;-)

[applegrove]

5. I feel so sorry that this great financial reform bill passed and all anyone was talking about

was Rand Paul. Hopefully today we will hear more about the Democrats victory.

[Raineyb]

6. Where exactly is this great reform of which you speak?

I don't see any actual accountability for the banks, they can still be too big to fail and I don't see anything that keeps them from taking out insurance on shit they don't have a stake in. There's still not a damn thing being done about usurious interest rates. I'm really not all that sure what it is I'm supposed to be celebrating as I don't work for the big 6 banks.

[TheWatcher]

9. For some people, details do not matter.

It is Political Victory over principle.

"My Football Team Won, so that means everything is good, so I don't need to know the details, or even what it means."

[Johonny]

7. +1

[sabrina 1]

8. And so they continue to create the impression that

it was lazy, no-good middle class that caused the financial melt-down.

People ALWAYS had to prove they could make their mortgage payments.

What should be in that bill is that from now on when mortgage lending agents change the data on a loan application, this country will go after them.

If it didn't restore at least the regulations from Glass-Steagal I doubt it will do much good.

That's what I thought would happen under a Democratic Administration.