U.S. Rep. Frank to scrutinize housing and credit cards

[cal04]

Source: Reuters

The chairman of the U.S. House of Representatives Financial Services Committee will this year scrutinize the mortgage lending industry and draft new consumer protections for credit card holders, he said on Friday.

Barney Frank, a Massachusetts Democrat, also said he will fiercely defend his plan to create a government-funded program that would boost the country's supply of housing for low-income families.

"I think the lack of affordable housing is now clear to everyone as a contributing factor to the subprime crisis," Frank said in an interview with Reuters. "If people want to make that a fight, I think we win."

This summer, Frank shepherded legislation through the House that would reform the Federal Housing Administration.


Read more: http://news.yahoo.com/s/nm/20080104/us_nm/usa_subprime_fha_dc

[GOPNotForMe]

1. Get 'em, Frank! nt

[Fearless]

2. Rock on!

[Javaman]

3. I wonder how Joe, mastercard, Biden feels about this? nt

[sarcasmo]

4. Kick, credit card interest rates are out of control.

[Xenotime]

5. Something needs to be done to help the consumer.

[donkeyotay]

6. Doing business over the phone/internet with a credit card has become a nightmare.

You get unauthorized charges/fees, and then when you call you get India...if you're lucky. It's a scam. They're adding charges and then keeping the percentage of those who don't notice or can't take the time to straighten it out. It's adding up to millions. Another benefit of the deregulation/free market ideology of the Right. They've turned the predators loose on consumers. They've deprived citizens of the benefits of government. We still pay for it, we just don't get any benefit.

[Faygo Kid]

7. Credit cards out of control

The bankruptcy law abomination, the failure to adequately disclose terms, the irresponsible solicitations - the list goes on and on. Sen. Levin has also signaled that this is the year to rein in these charlatans, and none too soon (in fact, much too late).