Financial Corruption: Progressive Democrats Plan to Cripple the Consumer Credit Rating Business?
It is one thing for the democrats to promote fiscal policies which disadvantage the financial industry to pursue a political policy – such as relaxing the sound mortgage underwriting criteria to allow people who could not afford a new car to purchase a home worth hundreds of thousands of dollars. With the resulting end game being the liar’s loan: no verification of income, assets or employment. But, it is far a different thing to disadvantage every credit grantor in the United States by deliberately gutting the effectiveness of the consumer credit reporting agencies.
It appears that Maxine Waters, Ranking Member of the House Financial Services Committee and a number or her corrupt radical socialist cohorts (Watt, Meeks, Clay, Lynch, Ellison, Himes, Peters, Foster, and Markey) have introduced House Resolution H.R. 1767 to be known as the “The Medical Debt Responsibility Act of 2013.” Basically, the act will require consumer reporting agencies to remove any information related to fully paid or settled medical debt from a consumer’s credit report within 45 days.
By altering a consumer’s credit history, it becomes next to impossible to adjust lending rates to reflect the actual risk being assumed by the lender. By removing evidence of settlements rather than payments in full, lenders cannot determine if the consumer has an adequate history of meeting their obligations.
According to the media release put out by Waters, medical credit information should be removed from a consumer’s report a soon as it is paid or otherwise settled, perhaps by a full or partial “write-off.” Since some medical debt is reoccurring, depending on the consumer’s condition or family medical needs, this information could be of some use in the credit-granting decision based on the likelihood of continuing income and future expenses. Waters is also seeking review of the third-party medical financing market.
Bottom line …
With the unknown fiscal impact of Obamacare and the probability that medical insurance rates will skyrocket while certain coverages are denied and delayed, perhaps it is necessary for the progressive democrats to seek further control over the financing of medical care – and to avoid further screwing the consumer when those who will need to finance the additional life-saving costs deny medical loans because of a dodgy history of paying their medical bills.
Any legislation will be severely impacted by industry lobbyists who will care out exceptions, exemptions and loopholes to insure that the only one screwed is the American taxpayer/consumer. You cannot trust either Maxine Waters or the progressive democrats with the financial health of our nation. They were behind the mortgage meltdown, the Fannie Mae and Freddie Mac debacle and a host of other anti-consumer legislation in the guise of helping the “little people,” the poor, women and minorities.
It is time to remember how Maxine Waters’ mentor Barney Frank helped her with the little problem of seeking preferential treatment for a minority bank (where her husband has an interest) to allow them to use worthless Fannie Mae and Freddie Mac stock to collateralize a TARP bail-out to shore up their capital requirements to stave off severe regulatory problems and potential insolvency.
OneUnited Bank had to write off more than $50 million when its investments in Fannie Mae and Freddie Mac stock "became virtually worthless after the government takeover, which wiped out shareholder value". In 2010 the bank was at the center of a House ethics investigation involving U.S. Rep. Maxine Waters who set up meetings to assist the bank while her family had a financial interest in the institution at which her husband served as a director from 2004 until 2008. <Source>
The equally corrupt Barney Frank told Waters to leave it alone and that he would take care of the matter. She disobeyed him and went ahead anyway. The years-long ethics charge simply went away.
“Nullius in verba.”-- take nobody's word for it!
“Beware of false knowledge; it is more dangerous than ignorance.”-- George Bernard Shaw
“Progressive, liberal, Socialist, Marxist, Democratic Socialist -- they are all COMMUNISTS.”
“The key to fighting the craziness of the progressives is to hold them responsible for their actions, not their intentions.” – OCS "The object in life is not to be on the side of the majority, but to escape finding oneself in the ranks of the insane." -- Marcus Aurelius “A people that elect corrupt politicians, imposters, thieves, and traitors are not victims... but accomplices” -- George Orwell “Fere libenter homines id quod volunt credunt." (The people gladly believe what they wish to.) ~Julius Caesar “Describing the problem is quite different from knowing the solution. Except in politics." ~ OCS
“The key to fighting the craziness of the progressives is to hold them responsible for their actions, not their intentions.” – OCS
"The object in life is not to be on the side of the majority, but to escape finding oneself in the ranks of the insane." -- Marcus Aurelius
“A people that elect corrupt politicians, imposters, thieves, and traitors are not victims... but accomplices” -- George Orwell
“Fere libenter homines id quod volunt credunt." (The people gladly believe what they wish to.) ~Julius Caesar
“Describing the problem is quite different from knowing the solution. Except in politics." ~ OCS