Mortgage News 2 You
Covering Mortgage & Finance
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Consumer Protection Bill Sent to Congress
Posted on July 2nd, 2009 No commentsPresident Obama’s new consumer protection bill was sent to Congress today. The president says that the bill, which would create a Consumer Financial Protection Agency, would help protect consumers from corrupt business practices. It would do so by moving banks and non-banks onto the same level, enforcing the same rules between them all–allowing for fairness and more competition.
Mortgages would be monitored under the new agency, as well as payday loan providers, credit cards, and banking overdraft fees. Read the rest of this entry »