Comments on: Warner Concerned Consumer Protection Agency Will Be ‘Divorced From The Reality Of The Market’ http://wonkroom.thinkprogress.org/2009/07/03/warner-cpa-reality/ Thu, 26 Nov 2009 16:42:01 -0500 http://wordpress.org/?v=2.8.5 hourly 1 By: zamia http://wonkroom.thinkprogress.org/2009/07/03/warner-cpa-reality/comment-page-1/#comment-155091 zamia Sat, 04 Jul 2009 19:39:03 +0000 http://wonkroom.thinkprogress.org/?p=17603#comment-155091 Whatever happened to the Truth In Lending Act? I remember it was passed decades ago to be sure a mortgagee would have clear account of the lending terms. But too many people were put into escalating interest payments they didn't expect. Some were bait and switched. It's stressful to sign a mortgage, especially in a meeting with a lot of other people. I have begged for advance copies of statements the last 2 times I bought a house, and when I refinanced. Couldn't get them. This is what consumers need -- an advance statement of terms signed by the mortgagor. Whatever happened to the Truth In Lending Act? I remember
it was passed decades ago to be sure a mortgagee would have
clear account of the lending terms.
But too many people were put into escalating interest payments
they didn’t expect. Some were bait and switched.
It’s stressful to sign a mortgage, especially in a meeting with a lot
of other people. I have begged for advance copies of statements
the last 2 times I bought a house, and when I refinanced. Couldn’t
get them.
This is what consumers need — an advance statement of terms
signed by the mortgagor.

]]> By: stateofthedivision http://wonkroom.thinkprogress.org/2009/07/03/warner-cpa-reality/comment-page-1/#comment-155067 stateofthedivision Fri, 03 Jul 2009 22:18:05 +0000 http://wonkroom.thinkprogress.org/?p=17603#comment-155067 There's plenty to monitor but this new agency won't do it: 1. Opaque energy futures markets 2. Naked credit default swaps 3. Insider trading of debt instruments (including derivatives) by private equity firms whose affiliates are approaching bankruptcy There’s plenty to monitor but this new agency won’t do it:

1. Opaque energy futures markets
2. Naked credit default swaps
3. Insider trading of debt instruments (including derivatives) by private equity firms whose affiliates are approaching bankruptcy

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