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Today, it’s harder than ever for middle class families in Massachusetts and across the country to get by. Each day, more families find themselves deeply worried about money. They wake up to news about wild swings in the stock market and a government that seems unable to exercise even the most basic common sense. They see shuttered windows on Main Street and hear about the latest neighbor to lose a job or a home. They wonder what will be the next shoe to drop in their communities or in their own families.
A few years ago, I decided to tackle one part of the problem—big banks that drained billions of dollars out of families’ pockets by hiding costs in fine print and selling predatory loans. I started to work on an idea for a new Consumer Financial Protection Bureau (CFPB) because I believed it could help make a real difference in the lives of middle class families. The concept is simple: in a world where debt has become so common and necessary, families need to be able to understand and to compare loan products like mortgages and credit cards so they can make good financial decisions. The costs and risks of financial deals should be clear and transparent — no tricks, no traps.
http://bluemassgroup.com/2011/08/coming-home/
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