Category Archives: Federal Reserve

New Agency to Crackdown on Deceptive Lending

The Obama administration is set to create an agency to help consumers safeguard against deceptive lending practices, according to a Treasury document. Later this week, the Consumer Financial Protection Agency is set to initiate an overhaul of the financial regulations allowing them the authority to create rules for banks and non-bank companies on how to manage and inspect for compliance, as well as issue fines and penalties.… more

Obama Struggles With Public Unease Over Housing Plan

Although more than three-out-of-four Americans believe President Obama’s plan will help the housing crisis, the new administration continues to struggle with public perceptions that the plan rewards bad behavior – a belief underscored by a YouTube phenomenon set off by CNBC editor Rick Santelli, who asked derivatives traders, “Do we really want to subsidize the losers’ mortgages?” Speaking from the floor of the Chicago Board of Trade, Santelli charged the president with crafting a housing bailout that punishes millions of people who bought a house responsibly and have been making timely mortgage payments.… more