Comments on: Consumer Financial Protection Agency Debated in Congress http://reversemortgagedaily.com/2009/12/10/consumer-financial-protection-agency-debated-in-congress/ Reverse Mortgage News and Information Sat, 26 May 2012 06:42:00 +0000 hourly 1 http://wordpress.org/?v=3.3.2 By: The_Critic http://reversemortgagedaily.com/2009/12/10/consumer-financial-protection-agency-debated-in-congress/comment-page-1/#comment-35075 The_Critic Fri, 11 Dec 2009 18:58:39 +0000 http://reversemortgagedaily.com/2009/12/10/consumer-financial-protection-agency-debated-in-congress/#comment-35075 HECM_Dude,<br><br>Good legislative ideas usually end up with less than desirable results. Idealism is fine but it rarely pans out. HERA should have made that clear. The original idea was to modernize FHA – a good idea – but then it ended up with our seeing maximum origination fees reduced – less than desirable results.<br><br>If you did not believe that any person in Congress had us in mind, please read the amendment to the CFPA legislation which is presented in today’s RMD article (12/11/2009) which was posted just minutes before you made this post. On legislative matters it is better not to be quite so naïveté. HECM_Dude,

Good legislative ideas usually end up with less than desirable results. Idealism is fine but it rarely pans out. HERA should have made that clear. The original idea was to modernize FHA – a good idea – but then it ended up with our seeing maximum origination fees reduced – less than desirable results.

If you did not believe that any person in Congress had us in mind, please read the amendment to the CFPA legislation which is presented in today’s RMD article (12/11/2009) which was posted just minutes before you made this post. On legislative matters it is better not to be quite so naïveté.

]]> By: The_Critic http://reversemortgagedaily.com/2009/12/10/consumer-financial-protection-agency-debated-in-congress/comment-page-1/#comment-35074 The_Critic Fri, 11 Dec 2009 18:57:26 +0000 http://reversemortgagedaily.com/2009/12/10/consumer-financial-protection-agency-debated-in-congress/#comment-35074 HECM_Dude,<br><br>Good legislative ideas usually end up with less than desirable results. Idealism is fine but it rarely pans out. HERA should have made that clear. The original idea was to modernize FHA – a good idea – but then it ended up with our seeing maximum origination fees reduced – less than desirable results.<br><br>If you did not believe that any person in Congress had us in mind, please read the amendment to the CFPA legislation which is presented in today’s RMD article (12/11/2009) which was posted just minutes before you made this post. On legislative matters it is better not to be quite so naïveté. HECM_Dude,

Good legislative ideas usually end up with less than desirable results. Idealism is fine but it rarely pans out. HERA should have made that clear. The original idea was to modernize FHA – a good idea – but then it ended up with our seeing maximum origination fees reduced – less than desirable results.

If you did not believe that any person in Congress had us in mind, please read the amendment to the CFPA legislation which is presented in today’s RMD article (12/11/2009) which was posted just minutes before you made this post. On legislative matters it is better not to be quite so naïveté.

]]> By: HECM_Dude http://reversemortgagedaily.com/2009/12/10/consumer-financial-protection-agency-debated-in-congress/comment-page-1/#comment-35065 HECM_Dude Fri, 11 Dec 2009 17:48:25 +0000 http://reversemortgagedaily.com/2009/12/10/consumer-financial-protection-agency-debated-in-congress/#comment-35065 I seriously doubt that reverse mortgages are very much on the minds of those members of the House who have been working on or debating the bill that would create the CFPA. Perhaps the attention of a few staffers can be gotten to assure there will be no unintended adverse consequences for RMs and the companies that originate them. <br><br>The responsibilities of the new CFPA would be duplicative of a number of existing agencies, which would be stripped of some their turf. The intent of the Minnick amendment is admirable (why create an entirely new bureaucracy?); however, in my mind, the powers intended for CFPA should be vested in a single, existing Executive Branch department or agency, which means not the Fed (which is not part of the Executive Branch). I seriously doubt that reverse mortgages are very much on the minds of those members of the House who have been working on or debating the bill that would create the CFPA. Perhaps the attention of a few staffers can be gotten to assure there will be no unintended adverse consequences for RMs and the companies that originate them.

The responsibilities of the new CFPA would be duplicative of a number of existing agencies, which would be stripped of some their turf. The intent of the Minnick amendment is admirable (why create an entirely new bureaucracy?); however, in my mind, the powers intended for CFPA should be vested in a single, existing Executive Branch department or agency, which means not the Fed (which is not part of the Executive Branch).

]]> By: The_Cynic http://reversemortgagedaily.com/2009/12/10/consumer-financial-protection-agency-debated-in-congress/comment-page-1/#comment-35034 The_Cynic Fri, 11 Dec 2009 01:32:07 +0000 http://reversemortgagedaily.com/2009/12/10/consumer-financial-protection-agency-debated-in-congress/#comment-35034 I guess I am too pestimistic. Or am I just cynical? Oh well.... I guess I am too pestimistic. Or am I just cynical? Oh well….

]]> By: dduck12 http://reversemortgagedaily.com/2009/12/10/consumer-financial-protection-agency-debated-in-congress/comment-page-1/#comment-35031 dduck12 Thu, 10 Dec 2009 21:01:33 +0000 http://reversemortgagedaily.com/2009/12/10/consumer-financial-protection-agency-debated-in-congress/#comment-35031 In my naive way, I was sort of hoping for a meeting of the minds to develop an inter-agency common sense (chuckle) way to protect seniors from predators (family members, salespeople, etc.), not just regarding RMs but all other areas. I also believe in the Easter bunny. In my naive way, I was sort of hoping for a meeting of the minds to develop an inter-agency common sense (chuckle) way to protect seniors from predators (family members, salespeople, etc.), not just regarding RMs but all other areas. I also believe in the Easter bunny.

]]> By: The_Critic http://reversemortgagedaily.com/2009/12/10/consumer-financial-protection-agency-debated-in-congress/comment-page-1/#comment-35025 The_Critic Thu, 10 Dec 2009 19:16:56 +0000 http://reversemortgagedaily.com/2009/12/10/consumer-financial-protection-agency-debated-in-congress/#comment-35025 If you think things are bad now, want until we have an accountability to an agency or collection of "turf guarding" (thanks for the phrase, dduck12) representatives of various agencies that have no idea what HECMs are or what their safeguards actually entail. I would have hoped both the MBA and NRMLA would have sided with the ABA on this matter. The positions of the MBA and NRMLA are truly disappointing. If you think things are bad now, want until we have an accountability to an agency or collection of “turf guarding” (thanks for the phrase, dduck12) representatives of various agencies that have no idea what HECMs are or what their safeguards actually entail. I would have hoped both the MBA and NRMLA would have sided with the ABA on this matter. The positions of the MBA and NRMLA are truly disappointing.

]]> By: dduck12 http://reversemortgagedaily.com/2009/12/10/consumer-financial-protection-agency-debated-in-congress/comment-page-1/#comment-35016 dduck12 Thu, 10 Dec 2009 18:14:49 +0000 http://reversemortgagedaily.com/2009/12/10/consumer-financial-protection-agency-debated-in-congress/#comment-35016 It would probably be the lesser of two evils, and probably cost less. True collaboration among these agencies, not turf guarding, could be constructive in theory. It would probably be the lesser of two evils, and probably cost less. True collaboration among these agencies, not turf guarding, could be constructive in theory.

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