Wednesday, December 12, 2007

Chris Dodd Announces Lending Reforms.....Where Ya' Been?

Nice job Chris, what's next? An investigation into Tech Stocks from 2000? Does anyone wonder why only 20% of people approve of the job Congress does?

Dodd managed to take a few moments out of already failed bid for the White House to propose a bill with has similar goals to one passed by House lawmakers last month. It would enact stricter standards for subprime loans made to borrowers with poor credit and for other "nontraditional" loans that allow borrowers to defer principal or interest payments, according to an outline distributed at a briefing for reporters Monday. Doesn't this sound just like the teaser loans these people took out that got them in trouble in the first place?

Now, Dodd has been on this since earlier this year. Back then he only focused on stepping up pressure on federal banking regulators to tighten rules themselves and kept the possibility of legislation on the table. Legislation would have required him to be in Washington putting it together and off the campaign trail.

Even a proponent of the legislation John Taylor, chief executive of the Washington-based National Community Reinvestment Coalition who was critical of Dodd as recently as last summer now praised him saying, "this is the bill we've been looking for."

Imagine what possibly could have been accomplished had Dodd done his job all spring and summer? Maybe some of the folks foreclosed on in the past 6 months may still be in their homes...

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