Fed wants to strip a key protection for homeowners

[TacticalPeek]

Source: McClatchy


Fed wants to strip a key protection for homeowners

By Tony Pugh | McClatchy Newspapers

WASHINGTON — As Americans continue to lose their homes in record numbers, the Federal Reserve is considering making it much harder for homeowners to stop foreclosures and escape predatory home loans with onerous terms.

The Fed's proposal to amend a 42-year-old provision of the federal Truth in Lending Act has angered labor, civil rights and consumer advocacy groups along with a slew of foreclosure defense attorneys.

They're not only asking the Fed to withdraw the proposal, they also want any future changes to the law to be handled by the new Consumer Financial Protection Bureau, which begins its work next year.


Read more: http://www.mcclatchydc.com/2010/12/01/104568/fed-wants-to-strip-a-key-protection.html#ixzz16vTfJKz3

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Fuck Bernanke, the fat cats he rode in on, and the rat who reappointed him.

[redirish28]

1. This is just sick. Corporate America will really beable to SCREW the average American.

:puke: :puke: :puke:

[DJ13]

2. Someone thinks they have a way around the failed Congressional bill

You know, the bill that no one knew about until was nearing a vote that would have excused all the fraudulent mortgage documents across state lines, the one that Obama refused to sign because of the mounting last minute pressure.

[awoke_in_2003]

3. They won't be happy...

until they own everything. We are heading back toward serfdom.

[EFerrari]

4. These people are going to keep over-reaching until something stops them.

It's like a compulsion with them.

[Vidar]

10. A guillotine would be my preference.

[Lorien]

14. Line 'em up. nt

[ixion]

5. Yeah, whenever that pesky Rule of Law gets in the way of corporate plunder

they can always count on the good 'ol government to rig the playing field for them. :argh:

[Hubert Flottz]

6. Another "Change" Wall Street Is Counting On.

The corporate personhoods paid for the law makers, now they want their way.

[mbperrin]

7. Why am I not surprised, especially after learning the Fed bailed out

foreign banks and governments?

Time for the Fed to go. The US got along for many years without them.

[Enthusiast]

8. K&R Disgusting nt

[avaistheone1]

9. Death of the American dream

Stupid, stupid move. Most people would not be able to afford there homes without this deduction.

The only ones who will be able to afford homeownership will be the super wealthy. Death of the American dream!!

Nice going Obama and Catfood Commission.

[struggle4progress]

11. Could we please have the Federal Register reference? The Federal Reserve doesn't have the power to

amend an act of Congress

I'd guess we're talking about Federal Register, Vol. 75 No. 185 (Friday, September 24, 2010) Proposed Rules at 58539ff, but I'm not sure

[sarcasmo]

12. It's the serfs VS the bankers.

[defendandprotect]

13. k&r -- back later