Coons and Carper Join With Republicans to Hasten Another Financial Meltdown
Coons and Carper sure love a good financial crisis. How else can they explain teaming up with the GOP to weaken key reforms enacted by the Dodd-Frank Wall Street Reform and Consumer Protection Act?
The bill they have co-sponsored is S.2155. This is the take of an actual Democrat (Maxine Waters) on it:
Today, Congresswoman Maxine Waters (D-CA), Ranking Member of the House Committee on Financial Services, made the following statement in opposition to S.2155, a bill that would roll back important reforms put in place by the Dodd-Frank Wall Street Reform and Consumer Protection Act:
“This bill simply repackages harmful provisions from Chairman Hensarling’s Wrong Choice Act, and it must not become law. It guts critical consumer protections put in place following the financial crisis, including mortgage rules, appraisal and escrow rules, and data collection requirements that help to illuminate discriminatory lending practices. The legislation also weakens important safeguards in place to ensure the stability of our financial system, such as stress tests and living wills, and waters down bank capital requirements.
“This legislation is yet another brazen giveaway to Wall Street and big banks that would harm consumers. Let’s be clear: last year banks posted record profits, and they are lending to businesses at well above pre-crisis levels. They are doing just fine. Instead of bending over backwards to help out Wall Street, Congress should be working to ensure that abusive megabanks, like Wells Fargo, face real consequences for patterns of egregious illegal behavior, and moving to comprehensively reform our nation’s broken credit reporting system, especially in the wake of the massive Equifax data breach.”
They are both spitting our faces.
They know they wont get primaried or beaten by a GOPer. The Delaware democrat party has incested itself into republicans.
As usual they’ve demonstrated scorn for actual Delawareans, while serving their corporate constituents. They’ll inflate another bubble which will eventually ruin hundreds of thousands of poor retirees, but in the meantime some 1%ers are going to get even richer. Huzzah!
Anyway…Yeah… that they get to run as Democrats every election is a complete joke.
Ben – Stay hopeful…
My hope is that I outlive the Carper/Trump regime
It’s unanimous, Coons and Carper are unrepentant DINOS that serve Wall St. and not the people of this state. What to do about it? Much like you I call their offices on a frequent basis as they sell us out in so many ways on so many votes. As noted failing a deep pocketed donor no primary is coming for this dynamic duo from hell. Next question: Where do we get a real Dem to replace them when they either retire or keel over a la Bill Roth?
Since this shothole nation is already in shambles, I dont really see the harm in sending Ken Simpler to the senate for a term, just to teach the Dinos a lesson.
I’ve started to read the bill (https://www.congress.gov/bill/115th-congress/senate-bill/2155/text#toc-idC16D2F3E601947C88E8096D3DE00B6B5). But it will take some time.
Waters seems to be focused on the part that exempts lenders from having to escrow for taxes, insurance, and PMI. Personally, I prefer that my mortgage company escrows for those things because it’s more efficient. However, I’ve had homes where I had to track those things. So I had to write a 2-3 checks per year.
Plus the 5 year thing reeks of if “if you demonstrate that you are a big boy, after 5 years you won’t to have a baby sitter anymore.” If a person can be trusted with a home and mortgage, I fail to see why they can’t be trusted to pay the taxes. Perhaps the minimum standards for mortgage loans need some work to mitigate that risk.
She also doesn’t like the exemptions to the Real Estate Settlement Procedures Act, because she thinks it has a lot to do with “loan servicing and escrow account administration requirements” and it really has very little to do with that. It primarily concerns settlement (which is whole other racket IMO, like having to pay for an attorney who does essentially nothing but check signatures and staple paper).
Dave – Once the skids are greased for faster loan making, how long until lenders burn through the good risks and start competing for the higher risk business?
Or it will be different this time because ________ .
Because this time cryptocurrencies will be involved:
http://www.ibtimes.com/why-unregulated-cryptocurrencies-could-trigger-another-financial-crisis-2641420
Jason – There are still minimum standards for mortgage loans. Even the high risk folks have to comply with those standards and the bill does not seem to eliminate those standards. If you don’t have the credit and financial quals, no loan. Waters is just talking about escrows, settlements, and servicing; not loan making.
I don’t have any particular opinion on the bill because I haven’t read it all yet. Ultimately I may disagree with it, but I don’t really comprehend Water’s objection, except that in context of escrows, her position seems rather maternalistic.
BTW – There are 11 D Senators giving the GOP bipartisan cover on this. The usual suspects from red states (Tester, Heitkamp, Etc) and four from blue states (Carper, Coons, Kain (VA) and Warrner (VA)).
Do these assholes ever hold town hall meetings up there when you can ask them hard questions?
Could it be that people are starting to see just how evil Koons and Karper really are–have been for so many years?