US real estate market 2013 – When the banks made money the bank’s stockholders, officers and directors shared in the profits. Mr. and Mrs. Taxpayer were not invited to share in the profits. But when the banks operated in a reckless manner and lost billions of dollars suddenly they needed a partner, a partner that was never considered a partner in good times (the Taxpayer). The banks expected all of us to share in the losses but were never invited to share in the profits. That was tantamount to heads they win and tails we lose. A reckless Las Vegas gambler would find such a proposition unacceptable. But it was good enough for the taxpayers. US real estate market 2013.
There have been so many changes in the financial regulations that time and space would not allow us to delve into all of them so we will only look at the major law changes.
The dominant change in the regulation of the financial industry was with the creation of the Consumer Financial Protection Bureau (CFPB). The CFPB was intended to be a government agency charged with replacing numerous other governmental agencies that were regulating all the financial markets in our country. The combining of all financial market regulation into one agency appeared to be very difficult to achieve at best. The director the CFPB was nominated by the President of the United States and would report directly to the President.
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