No. of Recommendations: 1

<<<Thanks, but I'm not looking to make Nanny Sam stronger in that regard. The need to be responsible for your actions should be a given.>>>

"Oh, you *KNOW* I am 1,000% in agreement against permitting the nanny monster any further out of her cage..."

In the abstract, apparently.

"I propose *WITHHOLDING* regulatory protections and recourse, *UNLESS* a borrower show proof of *INDUSTRY-PROVIDED* FN1 education & testing, to established government standards (where the only part the government plays is in promulgating the established standards... all fulfillment is done at the "efficient market level. FN2)

FN1 - Building a moat and possibily anti-competitive

FN2 - Delivery the paper, check the box, take the class with the entity that makes it easiest to pass?

Would it not be simpler to limit the products that benefit from the residential lending law protections fully amortizing loans with fixed or varaiable rates (and no teasers on variable rate, it starts at index plus margin). Perahps require 20% down, no purchase money seconds or home equity lending for x years?

Want a teaser rate, interest only payments, negative amortization or balloon payment loan, ot any of the other exotic features, then forego the the residential lending law protections and take your chances. No need for a bunch of classes and tests. No need for the government to promulagate a bunch of new standards. No new paper to delivery to check the box.

Just my $0.02.

Regards, JAFO
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