Posted Tuesday, July 20, 2010
President Obama will soon sign into law the most sweeping overhaul of the American financial system since the Great Depression. It's meant to provide more protection to mortgage holders and investors and cut the odds the nation will suffer another huge financial crisis. On Tuesday's Sound of Ideas, will the bill save Wall Street and Main Street or, as critics contend, could it jeopardize the recovery by constraining credit, burdening banks with paperwork and putting too much power into the hands of government bureaucrats? Join us with your thoughts, this morning at 9:00.
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We took out a fixed rate loan with Third Federal in 1995 when we built our house and paid 20% down. The bank made sure that our total loans did not exceed 35% of our AGI. We were conservative and never refinanced although the rates came down. We prepaid on our house and paid of our loan early and saved us ourselves about 45 K in interest. I do not agree with Mr. Stefansky and the Republicans regarding bank regulations. The economic mess occurred because banks and big business were given a pass on regulations. When small customers, like myself and my wife, sign the loan documents, the legal wording is entirely one-sided. The regulations help to somewhat even the palying field but knowing American business and politics, I think the decks will still be stacked against the small guy - Republicans, Democrats and Independents.
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