Skip to main content

Dodd hails the passage of Wall Street reform act

NationalMortgageProfessional.com
May 21, 2010

Senate Banking Committee Chairman Sen. Chris Dodd (D-CT) has hailed Senate passage of the bill to bring accountability to Wall Street: “With passage of the Wall Street Reform bill we have taken a major step towards creating a sound economic foundation for the American people we represent. This is their victory. “For the first time ever we will have a Consumer Financial Protection Bureau to watch out for the average citizen in our country when they are abused by a financial market place that takes advantage of them on home mortgages and credit cards. “For the first time ever, we will have transparency and accountability for derivatives with mandatory clearing and exchange trading. “For the first time ever, we will have a system in place, so that when a giant company fails, it fails, its management is fired, its shareholders and creditors are wiped out, and never again will taxpayers be forced to bail them out. “For the first time ever, we will have an advance warning system, so somebody is on the lookout for the next big problem in the economy before it’s too late to do anything about it. “The debate we have had, covering four weeks, considering close to 60 amendments from members of both parties, represents the Senate at its best. I look forward to working with my colleagues in the House to produce a strong bill that will protect consumers, protect our economy, and hold Wall Street accountable.”
Published
May 21, 2010
Mortgage Malaise: CFPB Report Reveals Steep Originations Drop, Rising Borrower Costs

Increased fees, soaring monthly payments, and growing approval disparities unsettle the housing market; CFPB eyes regulatory tweaks.

Sep 27, 2023
CFPB Unveils Plan To Remove Medical Debt From Credit Reports

Vice President Harris and CFPB Director Chopra highlight potential boost in mortgage approvals and question debt collectors' methods.

Turning The GSEs’ Repurchase Policies Into Opportunity

Lenders selling to Fannie and Freddie have to take swift action and enact robust strategies to mitigate risk

The ‘Science’ Of Appraisals Gets Government Attention

Start now to prepare your Reconsideration of Value policy

Michael Eising Receives MBA Legacy Achievement Award

Indiana banker honored for three decades of service to mortgage compliance.

Rejected Mortgage Applicants Get Another Chance

FHA waiver removes the scarlet letter from denied borrowers.