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Death By A Million Regulations
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RobPreston
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RobPreston,
User Rank: Author
8/15/2013 | 2:50:55 PM
re: Death By A Million Regulations
Got a regulation or two you'd like to see killed? We'd like to hear about it here.
Shane M. O'Neill
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Shane M. O'Neill,
User Rank: Author
8/15/2013 | 5:33:07 PM
re: Death By A Million Regulations
Mortgage regulations are horrible. I could not refinance for the rate I wanted and QUALIFIED FOR because of a Fannie Mae/Freddie Mac regulation that does not apply to my condo building at all yet has to be enforced. It was a year ago and I'm still angry.
mjensen810
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mjensen810,
User Rank: Apprentice
8/15/2013 | 5:59:23 PM
re: Death By A Million Regulations
And if you think it is bad in the medical profession, try banking!
MyW0r1d
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MyW0r1d,
User Rank: Strategist
8/15/2013 | 6:54:19 PM
re: Death By A Million Regulations
It is difficult to defend senseless government involvement and often contradictory regulations, however, ...
As long as there is a never ending stream of Dr. Fata's (allegedly prescribed chemo to patients without cancer) or Conrad Murray's or Bernie Madoff's or Lehman Brothers or the JP Morgan $2 billion loss on "egregious mistakes" as described by Bloomberg Press, just to name a few, I feel little pity for regulation and oversight. These industries have only theirselves to thank for the situation.
mjensen810
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mjensen810,
User Rank: Apprentice
8/15/2013 | 7:06:56 PM
re: Death By A Million Regulations
Thank Dodd-Frank and the Consumer Finance Protection Bureau. It is protecting consumers by making it nearly impossible for them to get a mortgage!
Shane M. O'Neill
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Shane M. O'Neill,
User Rank: Author
8/15/2013 | 7:15:13 PM
re: Death By A Million Regulations
I understand we needed rigid oversight after the subprime meltdown. But these regulations are so inflexible. I was eventually able to refinance with a local bank that keeps the loan in-house (hence can bypass Fannie-Freddie rules). But I didn't get close to the rate of a traditional loan.
rjones2818
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rjones2818,
User Rank: Strategist
8/15/2013 | 7:48:29 PM
re: Death By A Million Regulations
And who gets to decide if a regulation is out of date, etc.?
mjensen810
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mjensen810,
User Rank: Apprentice
8/15/2013 | 8:05:54 PM
re: Death By A Million Regulations
Unfortunately, the innocent get pilloried along with the guilty. As a small country bank, we certainly did nothing to contribute to the melt down or any of that, yet we get to adhere to the same regulations as the big boys.
RobPreston
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RobPreston,
User Rank: Author
8/15/2013 | 8:12:45 PM
re: Death By A Million Regulations
Ah, excellent question. A committee of the good and great? I was half joking.
Thomas Claburn
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Thomas Claburn,
User Rank: Author
8/15/2013 | 8:17:09 PM
re: Death By A Million Regulations
The entire tax code needs to be revised. Ideally, it should fit into 140 characters. Here's 33: All income shall be taxed at 15%.
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