Unlearning the lessons of the housing crisis
Trump?s administration appears poised to undo many of the protections put in place in the wake of the housing crisis Nearly six million American families lost their homes to foreclosure between September 2008 and September 2015.
This unprecedented housing crisis, promulgated by well-documented Wall Street fraud and predation, led?eventually?to government action, culminating in July 2010, when President Obama signed the Dodd?Frank Wall Street Reform and Consumer Protection Act into law.
Dodd-Frank outlawed some prominent forms of predatory lending and established a new agency?the Consumer Financial Protection Bureau?whose primary mandate is to aggressively penalize firms for fraudulent and shady business practices. Three years after its launch, the CFPB had addressed more than 400,000 consumer complaints concerning issues like unauthorized credit card fees and ballooning mortgage payments, and distributed more than $10 billion in settlements back to consumers. Another three-odd years later, Donald J. Trump?s surprising presidential victory has sent a deep chill down the spines of housing and civil rights advocates across the country. In his capacity as a developer, Trump was a defendant in one of the largest cases ever brought by the federal government for housing discrimination against African-Americans. In his short political career, he has pledged to deregulate the housing and financial sectors, and his early cabinet appointments have close ties to Wall Stree...
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