Homeowner's Blog

The Obama administration is considering giving a single federal agency authority to regulate mortgages and other consumer-oriented financial products as part of the Administration's broader overhaul of financial regulation. Consolidation of the oversight of financial products that is now split between  the Fed, the Securities and Exchange Commission, the Federal Trade Commission, and others would greatly improve efficiency. Assuring that the oversight organization is free from political influence and staffed with competent professionals dedicated to protecting consumers is essential. In designing the new institution we need to study the reason for regulatory failures at the Fed, SEC, OFHEO, and other agencies, and build protections against politicization into the new organization.