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Obama’s plan to revamp financial regulation
If President Barack Obama gets his way, consumers who take out mortgages would automatically get a “plain vanilla” loan — such as a traditional 30-year fixed-rate mortgage — unless they opted for a riskier variety.
Obama’s plan to revamp financial regulation aims to protect borrowers from the confusing and high-risk mortgages that fed a pandemic of delinquencies and foreclosures, led to the worst financial crisis in decades and thrust the nation into a deep recession.
Critics in the mortgage industry are denouncing Obama’s plan for government-approved mortgages. Some call it a paternalistic intrusion that would restrict borrowers’ options and make loans harder to get and potentially more expensive.
