The woman from La Mancha
November 14, 2010 | CFPB, Elizabeth Warren | Comments (0)Businessweek says Elizabeth Warren in dreaming the impossible dream:
The larger point I want to make is that whenever I read/listen to Warren it seems like she’s convinced she can accomplish not just the improbable, but the impossible.
———————————-Broadly, I think simplifying consumer credit agreements/contracts/term sheets is 100% a reasonable goal, one which I also 100% support. HOWEVER, this has already been done/required to some degree (e.g. a Countrywide amortization schedule, term-sheet that laid out performance/values under different situations, too bad I can’t find a copy of it) yet I think the results are still too complicated/nuanced for the average borrower to comprehend/care about.
Surely, there’s plenty of “fine print” that, with a concerted effort between lenders, legislators, regulators, and consumer groups could be eliminated/simplified, but it seems like Warren wants to go WAY beyond that point.
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