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More Bad Mortgages on the Way, Thanks to Congressional Committee
Expect to see more bad mortgages as a result of a House committee’s vote Thursday to create the so-called “Consumer Financial Protection Agency.” That agency, contrary to its deceptive name, will harm savers and consumers by forcing banks to make loans to people with bad credit, leaving banks with less money to pay interest. “The agency would be in charge of enforcing the Community Reinvestment Act, a law that prods banks to make loans in low-income communities.”...