Right now, no government regulator has consumer protection as its main mission. A Consumer Watchdog agency would exist just for this purpose, and would regulate credit cards, mortgages, small loans, and other financial products.
The need for a Consumer Watchdog agency is all too clear. One in five sub prime mortgages will end with the family losing their home. The government would never let stores sell toasters that had a one in five chance of bursting into flames and burning down your house.
Why should mortgages be any different, especially when so much is at stake?
Why should mortgage servicing companies be allowed operate without a check and balance system, or rules and regulations in place to deter mortgage servicing fraud?
A Consumer Watchdog agency would ban products that don't meet safety requirements, and ensure a level playing field between lenders and borrowers. Now there's a concept!
The system we have now isn't working!
Tell Congress to create a Consumer Watchdog agency. For too long, the rules of Wall Street have been written by the bankers themselves and the chicken coop guarded by the fox.
This year, that has to change.
Americans for Financial Reform a newly launched coalition of nearly 200 national, state and local consumer, employee, investor, community and civil rights organizations have come together to spearhead a campaign for real reform in our banking and financial system. For more info click here.
Americans for Fairness in Lending has initiated a petition drive at change.org to continue their efforts to fight predatory lending practices.
Sign the petition to create a Consumer Watchdog Agency that will be delivered to your legislators.
Check out Americans For Financial Reform and add your voice.