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Jul 19

Continuing Education

Spent the entire day in class, continuing ed.  We covered RESPA, ECOA, TILA, Dodd Frank Act, and a lot of other wildly boring topics, most of it a rehash of info that I have reviewed every year for the last two decades.  Guess what wasn’t on the menu.  Not one item aimed at making the process easier for the customer. 

Don’t get me wrong, some of the legislation has done much to weed out the bad guys, but the rest of us are paying the price, including you.  I think it is time the rule makers shift their focus to what the consumer wants, not what someone in an ivory tower thinks we need. 

The instructor mentioned a recent news item about the Bank of Scotland manipulating the LIBOR index, give me a break.  Did it happen? Of course it did.  Our guys are lining up to point the finger across the pond. 

What about one of the largest investors of US mortgage backed securities buying 30 year bonds with proceeds from short term notes?  No one is complaining because the result of the manipulation here is low interest rates.  Everyone wins right?  Not the elderly that are getting paid less than 1% interest on their cd’s.  Think about it, $2,000,000 stuck in FDIC insured cd’s would generate less than $20,000 a year, that should be a crime. 

 

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