I urge this Congress, I urge this Committee to take the lead, as you suggested, Senator Dodd, to codify the boundaries going forward for the type of loan products that financial services companies are going to be able to offer to the American people.
Bennett urges Congress to regulate loan products to protect consumers.
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I think the outcry would be very, very strong. There is a huge conflict of interest here, and such an individual should not be included.
We do not make money when we foreclose on customers. It is in our best interest to figure out ways to make loans perform again.
But just because you have the right to do it does not mean it is the right thing to do.
I would urge you to have conversations with whatever 'elves' within the administration you deal with, over at OMB, because I think that's where the decision was made.
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