'This is a landmark, a true inflection point,' said Calhoun, president of the Center for Responsible Lending in North Carolina.
Since the mid-1970s, Calhoun has been pushing to get an agency that would look out for consumers' interests.
If one takes the typical narrative, shark-like banks waited in the wings for naïve, impoverished individuals, in order to get them to take out a loan they could not possibly repay to the bank. The bank would then work through months or years of foreclosure hearings to get a house worth less than the value of the loan, while individuals are living in a house they could not have otherwise afforded, and often never having to repay their loans, having declared bankruptcy.
This, of course, is a political narrative rather than a sensible one. It remains that some of the individuals who have benefitted the most from poor bank lending practices are the very people banks are accused of acting in a predatory manner towards (by giving them free housing for a period).
Financial reform seeks to end this relationship between the poor and banks that would lend them money for "unaffordable mortgages." Because Corrections does not see a paternalistic master-slave relationship between government and the poor as beneficial to the poor, we see this sort of legislation as hurting the people it claims to help, a party that shouldn't be happy, though the Los Angeles Times does not take note of these poor.