Predatory Lenders' Partner in Crime
How the Bush Administration Stopped the States From Stepping In to Help Consumers

Predatory lending was widely understood to present a looming national crisis. This threat was so clear that as New York attorney general, I joined with colleagues in the other 49 states in attempting to fill the void left by the federal government. Individually, and together, state attorneys general of both parties brought litigation or entered into settlements with many subprime lenders that were engaged in predatory lending practices. Several state legislatures, including New York's, enacted laws aimed at curbing such practices.
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Not only did the Bush administration do nothing to protect consumers, it embarked on an aggressive and unprecedented campaign to prevent states from protecting their residents from the very problems to which the federal government was turning a blind eye.

Chalk this up as another sad might-have-been from the days of Eliot Spitzer — but this is a case where Spitzer’s failure was caused not by his own flaws, but by the meddling of Bush administration officials whose relationships with the businesses they were supposed to be regulating mirrored the swinish behavior that ended Spitzer’s political career.

The U. S. Supreme Court ruled last week that the federal government was wrong to stop then-Attorney General Spitzer from seeking information about whether banks in New York, even those with federal charters, were engaging in questionable practices in the way they issued mortgage loans.

Had Spitzer been allowed to follow up his suspicions, there is some chance that the current economic recession, triggered by the collapse of the same kind of bad loans that he was investigating, might have been prevented. At least the previously somnambulant federal officials might have had some clue as to what was coming.

Spitzer’s case, since taken up by Attorney General Andrew M. Cuomo, was based on evidence that lenders in New York were directing black and Hispanic borrowers into high-rate mortgages at a disproportionate rate compared to white homebuyers.

Originally posted by Titen-Sxull
reply to post by jkm1864

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I don't think there's anything truly wrong with prostitution in theory, isn't it called the worlds oldest profession?

I'm more worried about the illegal human trafficking going on, these are sex slaves drugged up and forced into prostitution to various rich clientele, they are raped as opposed to most hookers who do what they do of their own free will to make some money.

The Fed is indeed a scam as Spitzer states but its a little late for Congress to be awakening to how they've sold our nation to private bankers. Honestly we are all guilty of allowing our nation to be controlled and puppeteered by the Elite, they've done their best to keep us busy and divided and we've done our best to become complacent and willfully ignorant.

It's good to see a true bipartisan push.