So we are back to loaning money only to people who don’t need it?

Is all the BS about “Redlining” going away? Or does the bank still have to make sure minorities and other people traditionally seen as NOT having the ability to repay get “their fair share” of loans?

Dear Mr and Mrs Smith,
you are not a minority, and we simply cannot find one to offset your loan.

Application Denied.

1st City Bank, FDIC.

And yes, wouldn’t it be nice if they instituted this rule in the US Congress? Apparently the government feels it necessary to protect us from each other. Who is protecting us from THEM?

Does a bank have to consider each consumer’s portion of the US debt when deciding if we have the ability to repay?

The Consumer Financial “Protection” Bureau steps into the fray

Their first order of business should be to shut down the government except the military.

Totally typical for this Administration – do nothing of real susbtrance, but grandstand the hell out of it and claim you are “helping the middle class.” The only people this rule helps are lawyers.

it would work in plunging the house prices enough so that those ppl could afford them:P

nathor on January 11, 2013 at 1:03 PM

that is, if they would still have a job after the whole economy colapses

Fine. Just only write mortgages to people with an over 800 credit score. Liberals won’t like the results, though.

Ward Cleaver on January 11, 2013 at 12:45 PM

it would work in plunging the house prices enough so that those ppl could afford them:P

largely and directly incentivized

Um, the government REQUIRED banks to lend to those who could not repay their loans. And some of those folks lived in and still have some very swank digs.

Do you all recall the embarrassing incident on CNN where they interviewed a woman about to lose her 800,000 dollar house? When the CNN twinkie asked what the woman did for a living she said she drove a bus part time.

Those who steal from private individuals spend their lives in stocks and chains; those who steal from the public treasury go dressed in gold and purple.
– Marcus Porcius Cato – (Roman Statesman – 190 B.C.)

the Ability-to-Repay rule

Wow, what a concept.

Today, we’re issuing one of our most important rules to date, the Ability-to-Repay rule.

Let’s try this rule out on the Federal Government for a while, first, huh?

Yes lets do insist that anyone that breaks the law be tried and held accountable to the fullest extent of the law. You do know that with the geometric increase in laws that on average you commit three felonies a day you can be charged with. You and that newscaster that waved the high capacity magazine should go to jail with those bankers you hate.

chemman on January 11, 2013 at 11:34 AM

I think more eyeballs should be upon those who handle the largest amounts of $. if you handle billions, you should make sure you dont step over the line.

Go to hell, you f*cking moron.

Midas on January 11, 2013 at 11:36 AM

The time and energy you waste on willful ignorance is astounding. Should you actually put your noggin to good use you might eventually get out of your Mom’s basement.

HotAirian on January 11, 2013 at 11:36 AM

let me introduce you to the bank that was too big to jail:

http://www.economist.com/news/finance-and-economics/21568403-two-big-british-banks-reach-controversial-settlements-too-big-jail

And I am still waiting for any banker to be jailed for the libor fix. when you steal billions, you get seem to get an “get out of jail card”

Just to clarify, “protection,” in the Obama-administration context, is hereafter joining my list of words that deserve to be indelibly surrounded by quotation marks

‘Toon: Obama’s “Protection” Racket