Mortgage Reform

The definition of insanity

Doing the same thing over and over again and expecting a different result:

N.C. House members expect to vote Friday on whether to recommend easing requirements for mortgage lenders – a move that proponents say would cut costs for the industry but critics say would dilute protections for borrowers. Rep. John Bell, co-chair of a study committee examining the proposed changes, told the Observer on Thursday that he and other lawmakers plan to file legislation to be taken up when the General Assembly convenes in January.

“I personally believe that these were reasonable and well-vetted (changes) and these recommendations will continue to be vetted through the committee process in the General Assembly before becoming law – if they become law.”

The Attorney General's office is still conducting investigations of mortgage lender wrongdoing that took place six years ago, and you want to roll back consumer protections that are woefully inadequate already? Here's a little piece of advice, John: Just because lobbyists for a particular industry say they want something, it doesn't mean granting them their wish will improve the economy. For this industry, just the opposite is often the case, and you would know that if you had been paying attention for the last eight years.

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