HR 3915 - Getting Warmer

"Though 3915's heart is in the right place, and there aspects of it that will actually protect consumers without damaging their individual liberties, there are still parts of the bill that are unnecessary and will only serve to prevent a large demographic from obtaining competitive financing."

We broadly agree that the focus of additional legislation on brokers misses the target. The genesis of this whole mess, in terms of structure, is found further up the chain, with the banking system itself. More enforcement of existing laws at the retail level would have been useful, but it is difficult to see how enforcement could have kept pace with the bonanza created by the world of "high finance" and the Fed's manipulations.

We do, however, think a one-sheet disclosure of key points would be helpful.