Alright - a new Federal Agency starting up

[engatwork]

Wonder how many millions they will be able to burn through every year?

Cunsumer Financial Protection Bureau

wtf are they supossed to do? They could protect me by sending me a couple millions.

[Botnst]

Forward.

[Dubyagee]

They watch us to protect us. Says the pig of the farmer.

[t walgamuth]

They are to keep an eye on the unscrupulous big credit companies. Most of us took such a shafting from them in the financial crisis that we essentially don't use them anymore.

[rscurtis]

They're "protecting" us from what should have been taught in grade school.

[engatwork]

Lol

[Botnst]

Mommy, make the bad people go away!

[t walgamuth]

Originally Posted by rscurtis

They're "protecting" us from what should have been taught in grade school.

That big companies can commit fraud with impunity against us?

[engatwork]

I did not read enough about it to see what they are supposed to be doing. I've only got one credit card. They ain't gonna wanna come get it are they?

[spdrun]

Originally Posted by t walgamuth

They are to keep an eye on the unscrupulous big credit companies. Most of us took such a shafting from them in the financial crisis that we essentially don't use them anymore.

If you allowed yourself to get shafted, then you got shafted.

[engatwork]

Can't say I've ever been shafted by any big companies. Early on I got shafted by a couple car repair customers but I do not take their calls anymore. They can take em to the dealer as far as I'm concerned.

[t walgamuth]

Originally Posted by spdrun

If you allowed yourself to get shafted, then you got shafted.

So its ok if someone lies about an investment and you lose money because of it? Shame on you?

[engatwork]

If you gon be stupid you got to be tough.

[spdrun]

Originally Posted by t walgamuth

So its ok if someone lies about an investment and you lose money because of it? Shame on you?

If you're making a big investment on margin (like a home with mortgage), you'd better do your due diligence and see if the deal makes sense. I'd call making sense having payments for expenses + taxes + mortgage be lower than the income that the property can produce.

[Pooka]

I think they are supposed to work on things like this....

I know a guy who is a 100% Disable Vet. He stepped on an IED and it blew a part of his brain out. He looks pretty normal and acts normal, but his brain is injured in a way that is tough to recover from. So... 10% Disabled.

He applied for a loan to build a house on some land he owned. The back was bending over backwards to help his along until it came time to convert his construction loan to a normal house loan. Then he suddenly didn't qualify for the loan unless he could come up with $10,000 cash. He had six weeks or he was out and the bank would take his almost finished house and his 40 acres, sell them, and sue him for what they could not recover.

So he went to the VA and asked for some advice. They had a Financial type call the bank and discuss the ends and outs of the loan and how perhaps the VA, which was involved in this loan, would like to look over the paperwork.

Suddenly the credit problems vanished and the closing fee is $500. For reasons as yet unknown the bank has decided to stick to the original contract and not make changes just because they thought no one would notice.

Anyway... I think this new agency is supposed to do the same thing for all of us even if we are not Vets.