Consumers want Protection, Fairness & Accountability...what does the Financial Industry Want?

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We've all been taught that history repeats itself. If we don't learn from the mistakes of the past they will continue to occur, right? Then can someone please tell me why it is business as usual in the financial services industry these days?

With any luck -- and more than a little consumer outrage -- it won't remain that way.

Consumers continue to complain that lenders are back to doing business as usual. Business as usual means the playing field is far from being level, with consumers at the muddy end and lenders sitting high and dry. A steady flow of borrowers continue to report that their requests for loan modifications go ignored or neglected. Mortgage servicing companies continue to operate without regulation or oversight.

With the economy brought to its knees, with corruption and fraud rampant, and more and more people without jobs but with empty savings accounts and stock portfolios, those who both played a role in the mortgage meltdown and credit crises and received a handout from taxpayers still don't want to see any new rules, regulations or reforms of their industry. Instead of finding ways to recover from and prevent another economic crisis -- the largest since the Great Depression -- they are spending time and money lobbying against efforts to create a Consumer Financial Protection Agency.  Appears they want to continue the status quo... Continue reading here at my SunSentinel South Florida Talks Back Blog.

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The consumer protection agency MUST be allowed to do more than what the FTC does. You are right Denise we need an agency with teeth and that means authority to do a lot more than participate in simple oversight with occasional fines equal to a slap on the wrist for bad behavior.

A consumer protection agency should have similar status as the AG office having full powers to bring criminal complaints against those who break laws. Why not have this same agency rule over the credit reporting companies too? We need to make certain that this agency is more than a title.
Informative blog.
R. P.

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