The new Consumer Financial Protection Bureau’s director is vowing a crack down on permissive lending practices.
Two immediate thoughts: 1.) “Oh, no. Here come the bureaucrats.” 2.) “Just what we said was needed.”
Handled right, the new rules are probably necessary, considering we got into the financial crisis largely due to absurd and shabby lending practices. But you almost shudder at the thought of the heavy hand of government getting too involved.