While our backs were turned Sen. Dole decided it was a good idea to co-sponsor a measure to require anyone remotely involved with loan origination to supply their fingerprints to the FBI.
This provision has now produced a firestorm of reaction, pretty much across the political spectrum. But, gee, somehow I bet that will not matter to Sen. Dole.
The banking bailout bill that contains the fingerprint provision was basically ghost-written by Bank of America lobbyists on the Senate side. Countrywide’s sweetheart mortgage loans to key senators along with BofA’s PAC muscle has pretty much cleared the decks of any opposition to the bill, at least in the Senate.
And of course the big banks have no problem with ever-more regs from the feds — it is easier for them to comply with the requirements than it is for a hodge-podge of mortgage brokers and re-sellers. A more anti-competitive measure for the U.S. loan origination market is hard to imagine.
When this bill becomes law America with be one step closer to a fully nationalized home mortgage market. Got a problem with that, Citizen 745764239?
