"Results from a survey of 800 Texas registered voters released by the Texas Credit Union League (TCUL), Texans point the finger at some aspect of the federal government more than they do at private business or individuals. The largest percentage, 16 percent, of those surveyed lay the blame directing at the feet (or on the shoulder of) former President George W. Bush. Fourteen percent say it is Congress’ fault, however, 14 percent also blame “banks”, but not credit unions,while another 14 percent blame “greed/people spending too much”. "
Blame really needs to be on the State Governments, i.e. CA,NV.AZ and FL
if those states have better Consumer Mtg Laws we would not be in near the mess we are in... Permalink
I agree with BIGTEXLENDER.
I tried for 6 months to get the local FBI, AZ Attorney General, AZ Department of Financial Institutions, and the AZ Association of Realtors to investigate a case of loan fraud that was so obvious you could have been blind and still seen it.
The only agency that said they had the funds and manpower to investigate was the AZ Association of Realtors, who after investigating this agreed that loan fraud was committed but they could not tack action against the Realtor as they lacked the legal ability to request financial documents etc.
We need not only tighter laws but more funding and manpower to go after the scum that helped cause this problem. We also need some federal authority to outlaw products such as pay option arms etc that are absolute disaster products for the consumer.
It looks like the fed and local authorities feel that licensing of loan officers will fix the problem, yea right like that will really have a signinficant impact. Some states require car salespeople to get licensed but that does not make the any more honest or ethical.
Laymakers are you listening? Why not talk to some of us in the field who can tell you where the problems are as there are many of us who take pride in the level of service we deliver but are tired of non-effective solutions to the problems! Permalink