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: Mortgage Lender Implode-o-Meter

Obama Consumer Agency May Not Be Able To Oversee Payday Lenders, Mortgage Firms

By Implode-Explode Heavy Industries

``Firms like New Century Financial, Ameriquest, Fremont General and Countrywide Financial -- lenders that aren't banks and fall outside the bounds of regular federal supervision -- made the kinds of shoddy mortgage loans that ultimately led to the housing crisis... if the White House can't get a nominee through the Senate by July, the bureau will lack the authority to supervise nonbank lenders, according to a Jan. 10 report by the inspectors general of the Treasury Department and Federal Reserve obtained by The Huffington Post. ''

Full post as published by Mortgage Lender Implode-o-Meter on January 21, 2011 (boomark / email).