The Fed Wants to Gut Rescission

I’m quoted at the end of this Huffington Post article by Zach Carter on the Fed’s new move to reverse the order of the steps of rescission, in favor of the banks (who else?).  I sound a little dramatic (and grammatically challenged) but this constant blatant pandering by our fine government can really raise my ire.

Excerpt (full article at the link above):

The proposed change is part of a larger package of rules the Fed hopes to adopt, several of which appear designed to protect the public from shady financial hucksters. But while consumer groups are enthusiastic about some of the possible new regulations, they are so worried by the rescission changes that they are asking the Fed to withdraw the whole package. If winning a predatory lending case still means losing their home and owing hundreds of thousands of dollars to the bank that ruined them, they say, many consumers would prefer not to fight.

Dozens of other consumer advocacy organizations and concerned citizens have also sent the Fed comments on new rules. Many of the comments from individuals were more colorful than the letter penned by Saunders. All Fed regulations are open to public comment from anyone, but it is unusual to see a high volume of individuals weigh in on a technical consumer protection rule.

“I view this as nothing less than a criminal ploy to shove hard working Americans out of their homes and onto the streets,” wrote Ann Capotosto in an undated comment letter. “It is immoral and must be stopped.”

“Think of mankind for once, please,” requested Larissa Cavanaugh in a Dec. 4 letter.

“Have you lost your minds?” inquired Beth Findsen in another letter from Dec. 4. “In the depths of an unprecedented catastrophe for the middle class, related to the predatory loans and their rapacious securitization by the financial industry, resulting in millions of middle class Americans losing all of their wealth and their homes, you want to loosen TILA? Are you tone deaf? Have you lost your humanity entirely?”

A Fed representative did not immediately respond to a request for comment.


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