Consumer Credit Quote
Warning: some consumer credit geeking.
After seeing the fed's proposed rule changes/additions to HOEPA, Barney Frank made the following apt statement:
“The staff of the Financial Services Committee and I have had a chance to review the Federal Reserve’s proposed rules regarding abusive subprime loans. We now have confirmation of two facts we have known for some time: one, the Federal Reserve System is not a strong advocate for consumers, and two, there is no Santa Claus. People who are surprised by the one are presumably surprised by the other.”
After seeing the fed's proposed rule changes/additions to HOEPA, Barney Frank made the following apt statement:
“The staff of the Financial Services Committee and I have had a chance to review the Federal Reserve’s proposed rules regarding abusive subprime loans. We now have confirmation of two facts we have known for some time: one, the Federal Reserve System is not a strong advocate for consumers, and two, there is no Santa Claus. People who are surprised by the one are presumably surprised by the other.”