Dwdonhoff:

"Hi JAFO' Howdy.

<<<*INDUSTRY-PROVIDED* FN1 education & testing
FN1 - Building a moat and possibily anti-competitive>>>

"Almost all professions (financial, legal, insurance, accounting, medical, dental,) have continuing education and test passing standards that are provided by private industry. How does that eliminate any industry competition?"

It appears that youare changin the argument. You were previously writing about testing the borrowers (not teh industry members). I am not awre of any US state that requires consumers of financial, legal, insurance, accouting, medical or dental services to pass a test and provide evidecne etherof in order to obtain the services.

"WHY do we demand professionals prove ongoing competence?"

Because someone is paying for their advice; and that is still different than testing the consumers.

<<<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.>>>

"Yes, I'd support this as well. In fact, I would support this wholeheartedly!"

Much simpler to implement and enforce and does nto create a whole new cottage industry.

Regards, JAFO