News tagged with 'Mortgages'

The creation of a Consumer Financial Protection Agency came one step closer to reality today with a House committee vote. The agency would regulate credit cards and home loans and tighten up the deregulation atmosphere that precluded the collapse of financial markets.

The formation of a consumer financial agency to oversee financial products offered to the public, is meeting opposition from the U.S. Chamber of Commerce and U.S. banks. Already some of their lobbying is working.

 The banking the business community are expected to pounce on the new Obama plan to create an agency overseeing financial products such as credit cards and mortgages. More information would have to be disclosed to consumers and interest rates could be capped, hurting the banks' bottom line. No more government is needed say critics.