The renegade lending industry has brought our economy into the worst recession since the Great Depression. But now there's a chance to fix our broken system. Congress is considering creating a Consumer Watchdog agency!
Right now, no government regulator has consumer protection as its main mission. A Consumer Watchdog agency would exist just for this purpose, and would regulate credit cards, mortgages, small loans, and other financial products.
The need for a Consumer Watchdog agency is all too clear. One in five subprime mortgages will end with the family losing their home. The government would never let stores sell toasters that had a one in five chance of bursting into flames and burning down your house. Why should mortgages be any different, especially when so much is at stake?
A Consumer Watchdog agency would ban products that don't meet safety requirements, and ensure a level playing field between lenders and borrowers. For more information about an agency like this, please click here.
The system we have now isn't working! Tell Congress to create a Consumer Watchdog agency!