[Excerpt] ... Mr. Obama’s proposal fails to address this problem. “There are … millions of Americans who signed contracts they did not always understand offered by lenders who did not always tell the truth,” he acknowledged in introducing his plan on June 17. Mr. Obama promised “enforcement will be the rule, not the exception.” But where is the funding for the FBI’s criminal fraud division? Where is effective consumer protection from insurance companies that don’t pay, from crooked contractors and mortgage companies using property appraisers, lawyers and collection agencies, or from stockbrokers packaging junk mortgages into junk securities? ... Read more
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