Posted Monday, August 24, 2009
If Washington ever gets through with health care, legislators will find another item on their to-do list: How to rewrite rules for the financial markets and institutions that spawned the recession. One economist at the Cleveland Fed believes he has part of a solution, and he's shopping it around with stick figures and a You Tube video. Tuesday morning at 9, a conversation about proposals for more effective regulation of the free market.
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We feel that Savings and Loans should be left as is, with no change. It seems that the institutions are very strong and secure due to good sound internal control. We have a good commitment to our communities.
The feds do not need to regulate this industry. Savings & loans are institutions run by and for the community, not national banks run by boardmembers. If the gov’t feels the need to regulate something, how about Mortgage Brokers? No regulation currently exists for the industry. If you’re looking to place blame for the current economic crisis, there’s a good chance you’ll be looking at a broker that holds no interest in the future of the loans he closes.
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