Comments on: Fed Cracks Down On Deceptive Lending

Central Bank Approves Plan That Strives To Thwart Practices That Fueled Credit Crisis

[missingamerica]

There is a sort of ironic side to one aspect of this sign of Republican greed.

I believe that the bank that the FDIC took over - IndyMac - had something over 10,000 depositors who had more than $100,000 on deposit.

I''m willing to wager that most - if not all - of those depositors voted Republican regularly and cheered tax cut after tax cut no matter the economic damage they would cause, and equally regularly cursed the Democratic Party for being - in those infamous words - the "tax and spend" Party.

Now, those same depositors stand to get 50 cents or less back for every dollar over $100,000 they had on deposit in IndyMac.

So what has really happened is that instead of their money going to taxes that help to educate people who may work for them, or to the highways that get them or their employees to work or their customers to their stores or their product to market, 50% of everything over $100,000 they had on deposit effectively went to unscrupulous loan officers in the form of incentive bonuses, or to bank executives who looked the other way at bad loans, or to Wall Street traders who played tricks buying and selling rotten credit derivatives.

In other words, instead of hundreds or thousands or even millions of Americans receiving some benefit from their taxes - which in turn would have benefited those same depositors, a dozen or two of their fellow Republicans stuck it to them and they will NEVER receive any benefit from their losses.

lollll...ironic, and funny...

[etheone]

This is a GREAT start. Now the lending Industry should start to better regulate itself before more punitive measures are taken. Like many other Industries, the problem lies not in the rules, but in the application of the rules. I think We must make ETHICS courses mandatory from high school thru the completion of One''s coursework, be it college, or beyond.

[gracchus1]

Actually, I view it as the Bush Admin. manipulating the system so the rich and superrich can get even richer and then the Fed steps in to regulate the system. This is deja vu - eerily similar to the S&L scandal of the 1980s.

[bozworth4]

Why is it that when the American government is socialistic and bails out big businesses with our tax dollars, the conservatives are all for it? But when there is even scant talk about universal health care, the conservatives go nuts over "socialized" medicine. Why?


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Posted by kissamaarse

Good question! Just follow the money! No republican or democrats, only politicians that would pimp their mother for a dollar, euro or yen!!

[edward1975-2009]

Just like the Feds,johnny on the spot, this is the equivalent of sticking a finger in a hole in the ****.

[erasmus81]

drivelphobe

"I don''''t suppose you have any of these thieves in Canada."

None that I have heard of. We have these small "money mart" things where people can go and get a small amount of money until their cheques come in. But they aren''t too bad, because the government keeps a close eye on them.

"Most of the borrowers in this area were scheming, lying, deceitful people taking out loans they shouldn''''t have qualified for."

Either that or they were extremely DESPERATE.

[kennedy7955]

If you want to see the lenders that created the bulk of this problem, go to www.ml-implode.com

[kennedy7955]

This is way too late. All the lenders that created the mortgage mess are long gone. This is feel good legislation designed to make the public think the government is doing something about the problem.

[caldwellptr]

I guess you need to be a U. S. Senator to get special treatment from Countrywide and the likes.

[caldwellptr]

Millions of Americans do their banking at the corner check cashing place and loan store. I have not heard on any of these type of places going under, even though they charge the same outrageous amounts for money changing services. I found it suprising that the Mega Banks infringed on that territory, were unable to make it work, but still come out smelling like a trillion bucks.