NEWS OF: 6/6/2005

Bob Ney, The Ethics Guy

VIEW ALL: Ethics, Insurance

Mortgage lenders fed up with having to deal with all those individual state rules and regulations regarding financial services are backing legislation currently before Congress that would pre-empt state rights in favor of one set of federal regulations.

A smaller group of republican officals to butter up and schmooze would also make it easier for the larger financial organizations to further “improve” those federal regulations over time.

Bob Ney, Ohio Republican, assures everyone that the Responsible Lending Act ensures that all borrowers are treated fairly, no doubt pointing to it’s happy-sounding friendly name. But the National Community Reinvestment Coalition (NCRC) believes that the “Responsible Lending Act” provides few consumer protections, will weaken existing federal law, and will preempt stronger state anti-predatory laws. ”

Especially unpleasant is the fact that Ney’s bill would place no limit on the amount of points and fees added later to loans. We’re all familiar with the low interest rates and no-points loans that, after 3 or 6 months, bloat up like a Mafia gambling debt.

Bob Ney is the same guy responsible for “freedom fries” and “freedom toast”. Citizens for Responsibility and Ethics in Washington (CREW) is issuing an ethics complaint against Ney for violating clause 3 of House Rule XXIII, which is something like bribery… See Bangor News

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