Consumer Law

More on Vincent DiLorenzo's Mortgage Market Article and the CFPA

By Jeff Sovern

by Jeff Sovern

In October, I posted a link to my colleague Vince DiLorenzo's article Mortgage Market Deregulation and Moral Hazard: Equity Stripping Under Sanction of Law.  I've since had a chance to read the article, and wanted to post an additional comment. The article demonstrates the gulf between Congress's intent in enacting various consumer protection measures--generally, to protect consumers--and the philosophy that underlies the actions of administrative agencies in interpreting and implementing those measures--generally, a much more pro-business, anti-regulatory approach.  Though the article never mentions the idea of a Consumer Financial Protection Agency, it offers considerable support for such an agency by documenting how dramatically existing agencies failed to live up to the legislative intent. 

Full post as published by CL&P Blog on December 25, 2009 (boomark / email).