rssElizabeth Warren Debuts
Wednesday, September 22, 2010 at 12:00 pm
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Yesterday, Elizabeth Warren, newly named as an adviser to the White House and Treasury Department on the Consumer Financial Protection Bureau, made her debut. She spoke at a forum on mortgage reform — on making information given to loan applicants cleaner and clearer, so that consumers more easily understand the risks they are taking on.
“Fine print obscures the cost of credit and makes it impossible for families to compare products. Too often, families come to understand the legalese only when they get bitten by it,” Warren said. ”Streamlined disclosure can level the playing field and give families better tools to make better choices. This is particularly true in the mortgage market, where borrowers receive stacks of incomprehensible paperwork when they’re looking for a loan.”
Under Warren, the CFPB will combine and clarify two overlapping laws — the Truth in Lending Act (TILA) of 1968 and the Real Estate Settlement Procedures Act (RESPA) of 1974 — so that loan applicants get just one document of easy-to-understand fine print from lenders. It’s a small-bore change in laws, but one that could have a huge impact on consumers — just what progressive activists wanted Warren in place to ensure and enforce.
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24 Comments
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Comment posted September 24, 2010 @ 12:00 am
I hope she can keep this bureau on message: reforming Wall Street's practices and not narrowing Main Street's access to credit.
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Trackback posted October 27, 2010 @ 1:27 pm
Elizabeth Warren Debuts « The Washington Independent…
I found your entry interesting do I’ve added a Trackback to it on my weblog :)…
Trackback posted October 27, 2010 @ 3:48 pm
Elizabeth Warren Debuts « The Washington Independent…
Here at World Spinner we are debating the same thing……
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