Wednesday, February 29, 2012

Poor "outnumbered" mortgage reversers

These hardworking lenders who do their bit for society by extracting old people's homes from under them by degrees, or sometimes all at once: how can they continue to function, beset as they are by regulators?

Why, Reverse Mortgage Daily reports, staff at the new Consumer Financial Protection Bureau now "outnumber reverse mortgage lenders." By that they mean there are 757 dreadful frightening individual staff members lined up in Washington to address all manners of skullduggeries aimed at the benighted American public. Whereas the beneficial art and science of reverse mortgage lending is practiced by only "less than 300" poor defenseless entire companies. So, heavens, there could be two whole regulators for every multibranch conglomerate in the reverse mortgage business, and yet 157 more regulators would remain to deal with, oh, everything else.

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