New mortgage rules: Protection from banks, or ourselves?


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  • NedGrimley Brigham City, UT
    Jan. 10, 2013 11:20 a.m.

    Sure am glad we've got a new government agency to protect us from ourselves. I'm so excited. (sarcasm font off...)

  • Say No to BO Mapleton, UT
    Jan. 10, 2013 12:08 p.m.

    How long has government been trying to do this? At least three decades. I remember signing a contract in 1979. The APR was in bold print and the monthly payment was spelled out to the nth degree. How far can you dumb it down?
    What we need is some way to explain things to Congress. We've got proof that people were telling them in the late 1990s that GSEs like Fannie and Freddy were on a collision course and needed serious revamping. But no one listened and the system crashed.
    Conventional loans were far more conservative. It's when all the loans were packaged and sold hat we got into trouble.
    The net-net is that some in government want everyone to have a house, regardless of ability to pay. There's the rub.