Banks are going to fight this one tooth and nail:
“The real problem for consumers is not the lack of laws to protect them. In many cases, they exist. The deeper failure is the lack of any federal agency looking out for consumers’ interest across a wide array of financial products, from credit cards to “payday loans” to mortgages. Oversight is splintered across an array of agencies that tend to treat consumer protection as a stepchild.
Harvard law professor Elizabeth Warren, who heads the Congressional Oversight Panel for the government’s financial rescue, had the right idea in 2007 when she wrote that consumers get better federal protection when they buy a toaster than when they take out a mortgage on the biggest purchase of their lives, a home.”
