A new report that you can see HERE shows how the CFPB and Dodd/Frank have systematically moved liquidity and credit away from those with moderate income to the wealthy.
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First …..This is still a “Capitalistic country”….Or is it???..I do not agree with what he did but …Its no different than the Govt. sweeping the profits from Fannie and Freddie……..Secondly …..I am in a market with lower sales prices and smaller loan amounts ( I closed a 12000 loan this year and did not get paid) so I have to work harder and smarter than most …Have to know the laws better than most …I guess i could just not do these loans ..But that would not be fair to the consumer and would be in my mind discriminatory …The cost has risen so much on these under 60000 loans not only for me but for the consumer as well …And everytime the govt gets involved ..either on a state or fed level the cost goes up ….The middle income family with both spouses working can buy a house and have their housing expense cheaper than renting but they have to find someone who will do the loan first and then be able to afford the cost of doing it as well …It is a never ending cycle that needs to stop ….I was brought up with the dream of owning a house with the white picket fence ..a dog ..and 2 kids….is that dream gone ???
The reason there are no investigations or indictments, is the same today, as it was after the Housing Crisis. The global debt money system is failing, as there isn’t enough debt being issued as money, to keep the system from trending towards deflation – so all crime, when it expands the money supply, is welcome.
You’re 100% right! Why stop at the ass chewing? The system is rigged to take it from a want a be politician. There is not a high paid CEO/Pres/VP in jail and there will not be because they are all in bed together but the politicians can look good to the public with these rants like this. So disgusting. There is no reason why this man is not fired and prosecuted.
Actually the CFPB was not involved until after it was discovered by the OCC. Wells self reported to the CFPB. Wells was caught and would have been prosecuted even if the CFPB was not in existence.