Senate Passes Financial Reform, Brings New Reverse Mortgage Oversight

The Senate passed the Wall Street Reform and Consumer Protection Act by a vote of 60-39 on Thursday afternoon, sending the most sweeping financial reform bill since the Great Depression to the White House, where President Obama is expected to sign it into law next week.

Passage of the bill gives financial regulators significant influence in shaping and implementing the new law and how it impacts a range of industries including trading and consumers shopping for mortgages and credit cards.

The broader legislation also takes on consumer issues, including a key Obama administration proposal to create an agency tasked with policing most financial products sold to consumers.  Housed in the Federal Reserve, the Consumer Financial Protection Bureau has the independent authority to write and enforce rules for consumer lending in mortgages, credit cards and other financial products.

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The bill also includes new consumer protections for reverse mortgages that Congresswoman Dina Titus (D-Nev) supported.  “Thanks to a provision I fought to include, seniors will be protected from unfair and deceptive practices surrounding reverse mortgages, ensuring that in their golden years they do not lose their home and equity they built up through a lifetime of work,” she said in a statement.

Within the first year, the bureau is tasked with conducting a reverse mortgage study to determine any deceptive or abusive practices.  It will also determine whether suitability standards are necessary, as well as safeguards to protect consumers from being sold reverse mortgages to fund inappropriate annuities, investments, and other financial products.

The bureau has the authority to issue regulations, orders, or guidance that apply to reverse mortgages prior to the completion of the study.

When the new regulations will be implemented isn’t yet clear, but estimates range from 18 months to immediate compliance the day after the president signs the bill into law.  Regulators face many challenges, the bill directs regulators to write 533 rules according to analysis from the US Chamber of Commerce.

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  • Critic,rnrnGood morning to you. I did see what you wrote Treverse. I agree with you, some of what is in the bill is good. I have the entire bill. The problem is their is more bad than good.rnrnWay to much power to the Federal Government, the largest power shift I have seen in my life time. This bill in its present form will destroy capitalism and our way of life. This bill gives powers over the American people that one can’t imagine. The bill is very ambiguous in many areas, done so on purpose as far as I am concerned.rnrnThe affect on the reverse mortgage industry will not be pretty. As I said, we need reform, but NOT in the way this bill is written. We need protection for the American people in all aspects of the financial industry but with out the control by the Federal government over our lives.rnrnThe small community banks will be dropping by the wayside, either through merger or failure. They can’t administer 5,000 pages of new regulations. They don’t have the staff or wherewithal to handle it.rnrnWhen community banks fail, so do many small business who receive credit lines from these banks. It will be a mushrooming affect. I truly believe this is a ploy to eliminate small banks and to eventually have a certain amount of large banks controlling all banking and lending activities in our country. I also feel you will see the Federal govern have an ownership interest in one way shape or form in all these large banks. rnrnPlease understand, this is my opinion only, I am sure many will share my opinion but I want to make it clear I have no actual facts to back this up. I do have common sense and their is enough evidence available that could lead to the conclusion I have presented here.rnrnIn short Critic, I think what you are saying is that we need financial reform but not in the manner we have it in this bill, which I firmly agree with. I stand on my last comment I wrote, this bill in its present form MUST be repealed or revoked, it will be the devastating to the American people, our children and grandchildren long after we are gone!rnrnThank you,rnrnJohn A. Smaldone

  • John,rnrnPlease see my reply to treverse.rnrnIt seems both you and treverse have not read the Act. You both need to look at it. I have read both good and bad. For example, I have read the section on striking down some of the preemptions currently enjoyed by certain nationally chartered entities when it comes to abiding by state laws. I think that is good while other bankers may view it as unacceptable and maybe even un-American.rnrnFundamentally I am not opposed to regulation. I am fundamentally against overregulation and perhaps even more importantly overlapping and legislated regulation. Law is not the same as regulation but this bill tries to both create law and establish a framework of regulation. In that regard lawmakers did overreach. Generally regulation is not a part of the legislative branch but rather the executive. With time Congress has been trending to write regulations as part of their legislation; personally I find that unacceptable.rnrnBut like Atare said, could we really have expected something less? To be quite frank, I do not know what is contained in all of those 2,000 plus pages and I strongly doubt if anyone who has commented as of yesterday on this article, including treverse and you, does either. Yet here are some extreme views about a law we have little idea what its content is.rnrnCivility is a good characteristic. Until someone can specify how one leg then two are going to be cut off by the new Act, I think some are a little too over the top with their opinions, especially those who have not even taken the time to at least skim through the Act. Some just might be surprised by what they find.rnrn:) The_Criticrn

  • treverse,rnrnWhile we rarely agree, I appreciate the fact that you at least quote what you disagree with. rnrnBut here is one time where you respond as if anybody who sees any good in this Act should be treated as though they had the blood of French royalty and should lose their head by way of introduction to Madame Guillotine. Instead of having bright line tests about the constitutionality of federal support for abortion and other famous bright line tests for determining the political acceptability of federal judges, would you advocate it should be reduced to how they feel about this one Act?rnrnYou forget that I also said in that same sentence: u201cWhile you may be like me and hate u2026 the wholesale acceptance of overregulationu2026.u201d I apologize if u201chateu201d is not a strong enough verb for your taste but I refuse to use more vulgar terms of disdain. I guess my position on this Act is not extreme enough for you.rnrnThere are ways to deal with the Act. Get a new Congress that will undo this Act and has the votes to override an all but automatic presidential veto from our current President. Get the federal courts to declare the Act or portions thereof unconstitutional. But like it or lump it, once the President signs this bill into law, it is the law of the land.rn

  • While the views of The Critic may be too accepting of this legislation, I find myself more sympathetic to that view. I fully agree with the view of Atare. How could we expect anything much different than what we got? Now we need to work on changes.rnrnNo matter what, we have to forge ahead with what we have, not what we don’t have — and fight for corrections to the problematic areas.

  • The real question is how did we get here? Is Dodd-Frank the effect or the cause? After the seismic financial events of 2007-2009, how could we not expect a statutory reaction?

  • Treverse,rnrnI have to go against critic on this one and agree 100% with you on this. I stand on my comment of the other day, which is below!rnJohn A. Smaldonern——————————————————————————-rnGood day my friends,rnrnBlack Thursday, July 15th was a sad day for America. The passage of this bill by the senate, not only places the largest amount of power in the hands of the Federal government we have seen in our life time, but our entire financial system is now controlled. Controlled by the last authority we want or need to have this power, the Federal government.rnrnThe future of the financial system in this country is in jeopardy of facing failure. “The Financial Regulatory Reform Bill” MUST either be repealed or revoked as quickly as possible. This means we must have a change of guard in order to accomplish this.rnrnI say this because their is no other alternative. However, this task of changing the guard will be one of the most difficult endeavors we as American citizens will face. I don’t mean to sound political, that is not my intent. Many of you reading this know exactly what I am saying. How did we let this happen, how did we allow our elected officials to ever veer so far away from their constitutional powers.rnrnThis bill will affect every American citizen in this great nation. Small community banks will fail or be merged into large institutions. Mortgage lending policies and practices will be altered in such a way we will not recognize the lending industry any more and credit will be difficult to obtain. The reverse mortgage industry will be treated like a sacrificial Lamb going to slaughter. The so called “Consumer Protection Bureau will have a field day with reverse mortgages and senior’s lives. A bureau that will surely be made up of bureaucrats with only a political agenda on their minds.rnrnI could go on and on on how this bill will affect this nation and its people but none of us know exactly how many hidden items will come to fruition as time goes by. This is another example of a bill being shoved through that most who voted for it have no idea what is hidden in this 2,346 page bill. God help America!rnrnGod speed,rnrnJohn A. Smaldone

  • In Reply to The Critic,rnrn”bloated nature of the bill”? That is an understatement! Over 2,300 pages of garbage that I’m sure the politicians who voted on it never read. How could they ? Your reasoning would be like the doctor saying instead of treating the infection just take off the leg. Hell, take off both legs just in case.rnrnThis is about more government control plain and simple!rn

  • It is about time we get the name of this bill right. It is H.R. 4173, titled “Restoring American Financial Stability Act of 2010.” Anyone can look up its name at http://thomas.loc.gov, the official Library of Congress website. It is disingenuous to say some get the name wrong and then use another name for the bill, all with the intent of trying to make the bill what it is not.rnrnThe reckless noise over this bill is deafening. It is not perfect and like most bills attempting to both legislate and provide a framework of regulation including creating new governmental bodies, it is far too bloated. The responsibilities given the new entities appear to needlessly overlap with those of existing entities. Yet within the belly of the bill is an important part which should not be overlooked but is.rnrnFor hundreds of years we have had derivatives in the business world. Yet few have any experience with them. It was not until I began analyzing corn and soy futures as u201chedgesu201d for farmers 28 years ago that the significance and pervasiveness of these products began to sink in. In discussing these financial products with experienced financial analysts, it became apparent that most professors in business schools had little idea of their existence or nature.rnrnWikipedia states: u201cA derivative is a financial instrument – or more simply, an agreement between two people or two parties – that has a value determined by the price of something else (called the underlying). It is a financial contract with a value linked to the expected future price movements of the asset it is linked to – such as a share or a currency. There are many kinds of derivatives, with the most notable being swaps, futures, and options. However, since a derivative can be placed on any sort of security, the scope of all derivatives possible is nearly endless. Thus, the real definition of a derivative is an agreement between two parties that is contingent on a future outcome of the underlying.u201d In illustrating the different types of derivative, Wikipedia points out there are even weather derivatives.rnrnFor the last few decades the number and types of derivative products have exploded. Some fear this greatly unregulated market could produce losses, the likes we have never seen. While some of this may turn out to be little more than fear mongering, there will be losses, significant losses as these products terminate and expire. The biggest issue is: Where will the concentration of losses be? If it is within the pension community, the fall out could be far reaching for years to come. The dot com debacle was hard enough. The loss to such u201cbanking institutionsu201d as Goldman Sachs and Bank of America could be crippling.rnrnWhile you may be like me and hate the bloated nature of this bill and the wholesale acceptance of overregulation, its greatest benefit may come from its attempt at regulating the most difficult segment in the financial markets, derivatives. Letu2019s hope the effort is not entirely too lateu2026.rn

  • Johnsmaldone:rnrnWell said!! I always try and remain positive about our country and our industry and adapt to the changes. I must say it is getting harder by the day!rnGod Bless America!

  • Thank goodness that our legislatures covered their asses so well with a 2300 page roll of toilet paper. Fannie and Freddy, who the hell are they: $145 billion well spent to keep their image up (didn’t make it in this “reform”bill though) and the addiction foisted on the American public that you don’t need good credit to own a home (or more than one).. Who says so? Why, the republicans first under Bush and then lo and behold by the two crown princes of financial regulation common sense, Dodd and Frank. Give Wall Street a wedge and they will drive a truck loaded with phony smoke and mirror products packaging low-credit crap and swearing it is a rose. Folks, the big banks just got an early Christmas present and the little guys will make the local headlines as the “regulators” protect granny (poor gal, at age 65, she is a bumbling idiot). This is a reverse Robin Hood bill, taking from the poor (you and me and Granny) and giving it to the rich (big banks and Washington). And, don’t kid yourselves, both parties s_____.

  • I agree with you wholeheartedly John! There is no end to the arrogance displayed by members of Congress and our Socialistic President thinking that they know what is best for us peons. Where they get the idea that their mission in life is to be our protectorate galls me no end.

  • Good day my friends,rnrnYesterday was a sad day for America. The passage of this bill by the senate, not only places the largest amount of power in the hands of the Federal government we have seen in our life time, but our entire financial system is now controlled. Controlled by the last authority we want or need to have this power, the Federal government.rnrnThe future of the financial system in this country is in jeopardy of facing failure. “The Financial Regulatory Reform Bill” MUST either be repealed or revoked as quickly as possible. This means we must have a change of guard in order to accomplish this.rnrnI say this because their is no other alternative. However, this task of changing the guard will be one of the most difficult endeavors we as American citizens will face. I don’t mean to sound political, that is not my intent. Many of you reading this know exactly what I am saying. How did we let this happen, how did we allow our elected officials to ever veer so far away from their constitutional powers.rnrnThis bill will affect every American citizen in this great nation. Small community banks will fail or be merged into large institutions. Mortgage lending policies and practices will be altered in such a way we will not recognize the lending industry any more and credit will be difficult to obtain. The reverse mortgage industry will be treated like a sacrificial Lamb going to slaughter. The so called “Consumer Protection Bureau will have a field day with reverse mortgages and senior’s lives. A bureau that will surely be made up of bureaucrats with only a political agenda on their minds.rnrnI could go on and on on how this bill will affect this nation and its people but none of us know exactly how many hidden items will come to fruition as time goes by. This is another example of a bill being shoved through that most who voted for it have no idea what is hidden in this 2,346 page bill. God help America!rnrnGod speed,rnrnJohn A. Smaldone

  • Dina Titus’ comments regarding “unfair and deceptive practices” in the Reverse Mortgage arena are ludicrous when compared to the run up and then plummeting of housing prices in Nevada and elsewhere. I really feel sorry for seniors who did pour their life savings into the cash purchase of a retirement home and have now seen 50% of it wiped out. How much smarter would it have been for the senior to have paid 40% down for the home and put the remaining 60% into an insurance policy like an immediate pay lifetime annuity with a period certain? I can’t wait to see the new set of rules that the bureaucrats in Washington come up with next that adversely affect us in the business.

  • Dina Titus' comments regarding “unfair and deceptive practices” in the Reverse Mortgage arena are ludicrous when compared to the run up and then plummeting of housing prices in Nevada and elsewhere. I really feel sorry for seniors who did pour their life savings into the cash purchase of a retirement home and have now seen 50% of it wiped out. How much smarter would it have been for the senior to have paid 40% down for the home and put the remaining 60% into an insurance policy like an immediate pay lifetime annuity with a period certain? I can't wait to see the new set of rules that the bureaucrats in Washington come up with next that adversely affect us in the business.

  • Good day my friends,

    Yesterday was a sad day for America. The passage of this bill by the senate, not only places the largest amount of power in the hands of the Federal government we have seen in our life time, but our entire financial system is now controlled. Controlled by the last authority we want or need to have this power, the Federal government.

    The future of the financial system in this country is in jeopardy of facing failure. “The Financial Regulatory Reform Bill” MUST either be repealed or revoked as quickly as possible. This means we must have a change of guard in order to accomplish this.

    I say this because their is no other alternative. However, this task of changing the guard will be one of the most difficult endeavors we as American citizens will face. I don't mean to sound political, that is not my intent. Many of you reading this know exactly what I am saying. How did we let this happen, how did we allow our elected officials to ever veer so far away from their constitutional powers.

    This bill will affect every American citizen in this great nation. Small community banks will fail or be merged into large institutions. Mortgage lending policies and practices will be altered in such a way we will not recognize the lending industry any more and credit will be difficult to obtain. The reverse mortgage industry will be treated like a sacrificial Lamb going to slaughter. The so called “Consumer Protection Bureau will have a field day with reverse mortgages and senior's lives. A bureau that will surely be made up of bureaucrats with only a political agenda on their minds.

    I could go on and on on how this bill will affect this nation and its people but none of us know exactly how many hidden items will come to fruition as time goes by. This is another example of a bill being shoved through that most who voted for it have no idea what is hidden in this 2,346 page bill. God help America!

    God speed,

    John A. Smaldone

  • I agree with you wholeheartedly John! There is no end to the arrogance displayed by members of Congress and our Socialistic President thinking that they know what is best for us peons. Where they get the idea that their mission in life is to be our protectorate galls me no end.

  • Thank goodness that our legislatures covered their asses so well with a 2300 page roll of toilet paper. Fannie and Freddy, who the hell are they: $145 billion well spent to keep their image up (didn't make it in this “reform”bill though) and the addiction foisted on the American public that you don't need good credit to own a home (or more than one).. Who says so? Why, the republicans first under Bush and then lo and behold by the two crown princes of financial regulation common sense, Dodd and Frank. Give Wall Street a wedge and they will drive a truck loaded with phony smoke and mirror products packaging low-credit crap and swearing it is a rose. Folks, the big banks just got an early Christmas present and the little guys will make the local headlines as the “regulators” protect granny (poor gal, at age 65, she is a bumbling idiot). This is a reverse Robin Hood bill, taking from the poor (you and me and Granny) and giving it to the rich (big banks and Washington). And, don't kid yourselves, both parties s_____.

  • Johnsmaldone:

    Well said!! I always try and remain positive about our country and our industry and adapt to the changes. I must say it is getting harder by the day!
    God Bless America!

  • It is about time we get the name of this bill right. It is H.R. 4173, titled “Restoring American Financial Stability Act of 2010.” Anyone can look up its name at http://thomas.loc.gov, the official Library of Congress website. It is disingenuous to say some get the name wrong and then use another name for the bill, all with the intent of trying to make the bill what it is not.

    The reckless noise over this bill is deafening. It is not perfect and like most bills attempting to both legislate and provide a framework of regulation including creating new governmental bodies, it is far too bloated. The responsibilities given the new entities appear to needlessly overlap with those of existing entities. Yet within the belly of the bill is an important part which should not be overlooked but is.

    For hundreds of years we have had derivatives in the business world. Yet few have any experience with them. It was not until I began analyzing corn and soy futures as “hedges” for farmers 28 years ago that the significance and pervasiveness of these products began to sink in. In discussing these financial products with experienced financial analysts, it became apparent that most professors in business schools had little idea of their existence or nature.

    Wikipedia states: “A derivative is a financial instrument – or more simply, an agreement between two people or two parties – that has a value determined by the price of something else (called the underlying). It is a financial contract with a value linked to the expected future price movements of the asset it is linked to – such as a share or a currency. There are many kinds of derivatives, with the most notable being swaps, futures, and options. However, since a derivative can be placed on any sort of security, the scope of all derivatives possible is nearly endless. Thus, the real definition of a derivative is an agreement between two parties that is contingent on a future outcome of the underlying.” In illustrating the different types of derivative, Wikipedia points out there are even weather derivatives.

    For the last few decades the number and types of derivative products have exploded. Some fear this greatly unregulated market could produce losses, the likes we have never seen. While some of this may turn out to be little more than fear mongering, there will be losses, significant losses as these products terminate and expire. The biggest issue is: Where will the concentration of losses be? If it is within the pension community, the fall out could be far reaching for years to come. The dot com debacle was hard enough. The loss to such “banking institutions” as Goldman Sachs and Bank of America could be crippling.

    While you may be like me and hate the bloated nature of this bill and the wholesale acceptance of overregulation, its greatest benefit may come from its attempt at regulating the most difficult segment in the financial markets, derivatives. Let’s hope the effort is not entirely too late….

    • The real question is how did we get here? Is Dodd-Frank the effect or the cause? After the seismic financial events of 2007-2009, how could we not expect a statutory reaction?

      • Much agreed. Even though it is not to my liking, I do see some silver lining in this legisation.

  • In Reply to The Critic,

    “bloated nature of the bill”? That is an understatement! Over 2,300 pages of garbage that I'm sure the politicians who voted on it never read. How could they ? Your reasoning would be like the doctor saying instead of treating the infection just take off the leg. Hell, take off both legs just in case.

    This is about more government control plain and simple!

    • Treverse,

      I have to go against critic on this one and agree 100% with you on this. I stand on my comment of the other day, which is below!
      John A. Smaldone
      ——————————————————————————-
      Good day my friends,

      Black Thursday, July 15th was a sad day for America. The passage of this bill by the senate, not only places the largest amount of power in the hands of the Federal government we have seen in our life time, but our entire financial system is now controlled. Controlled by the last authority we want or need to have this power, the Federal government.

      The future of the financial system in this country is in jeopardy of facing failure. “The Financial Regulatory Reform Bill” MUST either be repealed or revoked as quickly as possible. This means we must have a change of guard in order to accomplish this.

      I say this because their is no other alternative. However, this task of changing the guard will be one of the most difficult endeavors we as American citizens will face. I don't mean to sound political, that is not my intent. Many of you reading this know exactly what I am saying. How did we let this happen, how did we allow our elected officials to ever veer so far away from their constitutional powers.

      This bill will affect every American citizen in this great nation. Small community banks will fail or be merged into large institutions. Mortgage lending policies and practices will be altered in such a way we will not recognize the lending industry any more and credit will be difficult to obtain. The reverse mortgage industry will be treated like a sacrificial Lamb going to slaughter. The so called “Consumer Protection Bureau will have a field day with reverse mortgages and senior's lives. A bureau that will surely be made up of bureaucrats with only a political agenda on their minds.

      I could go on and on on how this bill will affect this nation and its people but none of us know exactly how many hidden items will come to fruition as time goes by. This is another example of a bill being shoved through that most who voted for it have no idea what is hidden in this 2,346 page bill. God help America!

      God speed,

      John A. Smaldone

      • John,

        Please see my reply to treverse.

        It seems both you and treverse have not read the Act. You both need to look at it. I have read both good and bad. For example, I have read the section on striking down some of the preemptions currently enjoyed by certain nationally chartered entities when it comes to abiding by state laws. I think that is good while other bankers may view it as unacceptable and maybe even un-American.

        Fundamentally I am not opposed to regulation. I am fundamentally against overregulation and perhaps even more importantly overlapping and legislated regulation. Law is not the same as regulation but this bill tries to both create law and establish a framework of regulation. In that regard lawmakers did overreach. Generally regulation is not a part of the legislative branch but rather the executive. With time Congress has been trending to write regulations as part of their legislation; personally I find that unacceptable.

        But like Atare said, could we really have expected something less? To be quite frank, I do not know what is contained in all of those 2,000 plus pages and I strongly doubt if anyone who has commented as of yesterday on this article, including treverse and you, does either. Yet here are some extreme views about a law we have little idea what its content is.

        Civility is a good characteristic. Until someone can specify how one leg then two are going to be cut off by the new Act, I think some are a little too over the top with their opinions, especially those who have not even taken the time to at least skim through the Act. Some just might be surprised by what they find.

        🙂 The_Critic

      • Critic,

        Good morning to you. I did see what you wrote Treverse. I agree with you, some of what is in the bill is good. I have the entire bill. The problem is their is more bad than good.

        Way to much power to the Federal Government, the largest power shift I have seen in my life time. This bill in its present form will destroy capitalism and our way of life. This bill gives powers over the American people that one can't imagine. The bill is very ambiguous in many areas, done so on purpose as far as I am concerned.

        The affect on the reverse mortgage industry will not be pretty. As I said, we need reform, but NOT in the way this bill is written. We need protection for the American people in all aspects of the financial industry but with out the control by the Federal government over our lives.

        The small community banks will be dropping by the wayside, either through merger or failure. They can't administer 5,000 pages of new regulations. They don't have the staff or wherewithal to handle it.

        When community banks fail, so do many small business who receive credit lines from these banks. It will be a mushrooming affect. I truly believe this is a ploy to eliminate small banks and to eventually have a certain amount of large banks controlling all banking and lending activities in our country. I also feel you will see the Federal govern have an ownership interest in one way shape or form in all these large banks.

        Please understand, this is my opinion only, I am sure many will share my opinion but I want to make it clear I have no actual facts to back this up. I do have common sense and their is enough evidence available that could lead to the conclusion I have presented here.

        In short Critic, I think what you are saying is that we need financial reform but not in the manner we have it in this bill, which I firmly agree with. I stand on my last comment I wrote, this bill in its present form MUST be repealed or revoked, it will be the devastating to the American people, our children and grandchildren long after we are gone!

        Thank you,

        John A. Smaldone

    • treverse,

      While we rarely agree, I appreciate the fact that you at least quote what you disagree with.

      But here is one time where you respond as if anybody who sees any good in this Act should be treated as though they had the blood of French royalty and should lose their head by way of introduction to Madame Guillotine. Instead of having bright line tests about the constitutionality of federal support for abortion and other famous bright line tests for determining the political acceptability of federal judges, would you advocate it should be reduced to how they feel about this one Act?

      You forget that I also said in that same sentence: “While you may be like me and hate … the wholesale acceptance of overregulation….” I apologize if “hate” is not a strong enough verb for your taste but I refuse to use more vulgar terms of disdain. I guess my position on this Act is not extreme enough for you.

      There are ways to deal with the Act. Get a new Congress that will undo this Act and has the votes to override an all but automatic presidential veto from our current President. Get the federal courts to declare the Act or portions thereof unconstitutional. But like it or lump it, once the President signs this bill into law, it is the law of the land.

  • While the views of The Critic may be too accepting of this legislation, I find myself more sympathetic to that view. I fully agree with the view of Atare. How could we expect anything much different than what we got? Now we need to work on changes.

    No matter what, we have to forge ahead with what we have, not what we don't have — and fight for corrections to the problematic areas.

  • Critic,rnrnGood morning to you. I did see what you wrote Treverse. I agree with you, some of what is in the bill is good. I have the entire bill. The problem is their is more bad than good.rnrnWay to much power to the Federal Government, the largest power shift I have seen in my life time. This bill in its present form will destroy capitalism and our way of life. This bill gives powers over the American people that one can’t imagine. The bill is very ambiguous in many areas, done so on purpose as far as I am concerned.rnrnThe affect on the reverse mortgage industry will not be pretty. As I said, we need reform, but NOT in the way this bill is written. We need protection for the American people in all aspects of the financial industry but with out the control by the Federal government over our lives.rnrnThe small community banks will be dropping by the wayside, either through merger or failure. They can’t administer 5,000 pages of new regulations. They don’t have the staff or wherewithal to handle it.rnrnWhen community banks fail, so do many small business who receive credit lines from these banks. It will be a mushrooming affect. I truly believe this is a ploy to eliminate small banks and to eventually have a certain amount of large banks controlling all banking and lending activities in our country. I also feel you will see the Federal govern have an ownership interest in one way shape or form in all these large banks. rnrnPlease understand, this is my opinion only, I am sure many will share my opinion but I want to make it clear I have no actual facts to back this up. I do have common sense and their is enough evidence available that could lead to the conclusion I have presented here.rnrnIn short Critic, I think what you are saying is that we need financial reform but not in the manner we have it in this bill, which I firmly agree with. I stand on my last comment I wrote, this bill in its present form MUST be repealed or revoked, it will be the devastating to the American people, our children and grandchildren long after we are gone!rnrnThank you,rnrnJohn A. Smaldone

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