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Obama has gone beyond the norm

July 12, 2014

To the editor: In their letter of July 11, Dr....

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MPagel

Jul-15-14 6:21 PM

I'm fully aware of the greed and incompetence that created the housing market crash. And I'll wager that greed and incompetence will play a part in the next fiasco, whatever form it comes in. How you would you keep those wolves from our door? With unregulated banking? Or should we just make fractional banking illegal?

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JReader

Jul-15-14 2:39 PM

MPagel,

It was implied. Call a lender and ask them if you can buy a piece of real estate and close the purchase within ten days. It can't happen. They will tell you why due to a variety of regulations.

Perhaps you are too young, but there used to be a day when you could call a banker and arrange a loan on the phone. They knew you and you knew them and that was all it really took. It doesn't happen like that at all today. Dodd Frank has made sure of it. Hope you never need a loan on an emergency basis. You might find yourself in a real pickle. Common sense has been removed from the equation thanks to our government.

Subprime lending played a huge role in the real estate bubble burst. They operated under the "watchful eye" of our government for over 15 years. When the stuff hit the fan the government had to fix things so they created the CFPD. They did on the flawed premise that these lending practices just popped up over night.

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MPagel

Jul-15-14 11:53 AM

JReader, I didn't see anything requiring small banks to have an attorney on staff. Maybe you'd be so kind as to post and cite the actual words?

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MPagel

Jul-15-14 11:36 AM

And not to get off the subject, but I would agree that whole pledge of keeping your current insurance was not smart. But you need to take a closer look at why some plans did not continue.

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MPagel

Jul-15-14 11:23 AM

•The accommodations made for community banks in the CFPB’s final rule implementing the “ability to repay” provisions of the Dodd-Frank Act are appropriate and necessary to ensure that community bank customers continue to have access to mortgage credit. ICBA urges the CFPB to eliminate the use of the “rural” and “underserved” designations for QM eligibility for community bank balloon mortgage loans held in portfolio. ICBA also urges the CFPB to increase the annual loan origination limitation for “small creditors” and not to include loans sold into the secondary market in determining whether a bank meets the limitation.

From ICBA Policy Resolutions for 2014 ICBA Priorities for 2014 "MORTGAGE LENDING REFORM" on The Independent Community Bankers of America website *******icba****/advocacy/index.cfm?ItemNumber=31887&sn.ItemNumber=1709

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MPagel

Jul-15-14 11:21 AM

•ICBA supports legislation that would provide “qualified mortgage” (QM) status under the Consumer Financial Protection Bureau’s (CFPB’s) “ability-to-repay” rules for loans originated and held in portfolio by community banks, including balloon mortgages, regardless of loan pricing. This is a key provision of ICBA’s Plan for Prosperity.

From ICBA Policy Resolutions for 2014 ICBA Priorities for 2014 "MORTGAGE LENDING REFORM" on The Independent Community Bankers of America website *******icba****/advocacy/index.cfm?ItemNumber=31887&sn.ItemNumber=1709

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JReader

Jul-15-14 10:06 AM

Read: 12 CFR 1002, 1024, 1026.

Then you come back and explain why it's not burdensome if you can, MPagel. While you read through also remember most of the little guys aren't fortunate enough to be staffed with in-house counsel & legal departments.

Just because the government dreams up new laws doesn't necessarily mean it helps out the average citizen. Remember this one ? "If you like your existing plan you can keep it." That promise didn't work out so well for millions of people.

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MPagel

Jul-14-14 5:49 PM

JReader, please be more specific in what you mean about, "undo burden on the small lenders and community banks." And does the CFPB contribute to unnecessary burdens on small banks?

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JReader

Jul-14-14 5:45 PM

You don't have to feel bad for the bankers. Feel bad for people who won't get a loan because of government over reaching. How often does the government end up doing more harm by adding more regulation in their effort to do "good" ?

Yeah, that never happens...

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MPagel

Jul-14-14 5:41 PM

R2Puke, I wasn't insulted by your use of a "petty name." I'm simply pointing out that instead of making an attempt at a reasonable counter-point you have chosen to drag this debate down to an unrespectable level with the use of insults. And I am not a democrat anymore than I am a republican. I only want to shed light on claims made without evidence.

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swriter

Jul-14-14 3:49 PM

Yeah, those poor little community banks and local lenders. We should all feel real sorry for them.

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JReader

Jul-14-14 10:31 AM

Dodd Frank created a new set of standards that all lenders must adhere to. One can argue that this is a good thing but in reality it places an undo burden on the small lenders and community banks. This is causing many small lenders out of providing home loans. Many of these lenders operate in underserved areas and as a result these areas will become even more underserved. The large home lenders will be left to determine if they feel it is profitable enough to operate in these markets. The financial crisis and housing bubble was chiefly created by the large mortgage banks. The laws created by Dodd Frank were put in place to curb their practices. It is the little guys who are once again paying the price, however.

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Reason2Puke

Jul-13-14 3:35 PM

Being easily insulted and offended by being called a petty name is a sign of insecurity and shallow intelligence.

Maybe you can dig up a Mother Jones article regarding that.

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Reason2Puke

Jul-13-14 3:32 PM

Obamacare was passed, it is the law, well, except for the parts that its namesake has decided to eliminate or delay. Immigration laws were passed, they are the law, well, wait, except for the ones dealing with people coming across our southern border.

To progressives, laws are only laws when they are convenient or advantageous, otherwise they are merely suggestions.

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MPagel

Jul-13-14 1:53 PM

Dodd Frank was passed, it is law. Why are the republicans monkey-wrenching the CFPB? And is this an ethical way for them to defy the law?

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MPagel

Jul-13-14 1:42 PM

5. He who asserts must prove. In order to establish an assertion, the team must support it with enough evidence and logic to convince an intelligent but previously uninformed person that it is more reasonable to believe the assertion than to disbelieve it. Facts must be accurate. Visual materials are permissible, and once introduced, they become available for the opponents' use if desired. Rules of Debate (condensed from Competitive Debate: Rules and Techniques, by George McCoy Musgrave. New York: H.W. Wilson, 1957)

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MPagel

Jul-13-14 1:39 PM

You don't think citing Mother Jones is a good way to provide facts? How about the NY Times? Or a multitude of other places because it's true and well documented.

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MPagel

Jul-13-14 1:37 PM

Historically, presidents have not made recess appointments during breaks in the Senate of fewer than 10 days. In January 2012, the Senate was in the midst of a month-long break, but the Republican-controlled House of Representatives had forced it to hold a “pro forma” session every third day — in which a single senator came into the empty chamber and banged the gavel. The question was whether the Senate was on a single, month-long recess, so recess appointments would be valid, or a series of three-day recesses in a row, so they would not be valid.

SAVAGE, C. New York Times, "Between the Lines of the Recess Appointments Decision" (JUNE 26, 2014)

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MPagel

Jul-13-14 1:35 PM

Insults and name-calling are the tactics of a person will no rational argument.

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Reason2Puke

Jul-13-14 12:20 PM

And you are praising Dodd/Frank as in Barney Frank, the guy who defended and propped up Fannie Mae and Freddie Mac even when he new they were dragging us into financial collapse.

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Reason2Puke

Jul-13-14 12:18 PM

Fact based responses like citing Mother Jones. LO effing L.

All of you throwbacks should move to Colorado, smoke dope and talk about the good old days in 1968 and LEAVE THE REST OF US ALONE.

Progressive... Ya right!

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swriter

Jul-13-14 12:13 AM

Sorry, I commented on the wrong article.

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swriter

Jul-12-14 10:19 PM

I think Hilary is the best choice!

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MPagel

Jul-12-14 4:17 PM

Okay R2Puke, is that the extent of your argument against the Consumer Financial Protection Bureau? It would be nice if someone would cite some facts in a political debate instead of regurgitating propaganda and making unfounded claims.

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Reason2Puke

Jul-12-14 1:37 PM

Dodd/Frank in its entirety is a mess. It is the equivalent of a move from one playground bully (the federal government) against another playground bully (big money), and we, the innocent bystanders once again lose.

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