Stop Melissa Bean!

[JDPriestly]

Blue Dog Melissa Bean Bites Bank Customers
By: masaccio Wednesday October 14, 2009 6:05 am

Rep. Melissa Bean (IL-08) via Wikimedia

Melissa Bean must want to be the Mike Ross of financial reform. The Blue Dog Bean is seeking to amend the reform bill establishing the Consumer Financial Protection Agency to pre-empt state laws protecting mortgage buyers if they are stronger than federal laws. I’ve noted before that the Blue Dogs don’t care a rip about consumers, but really worry about their corporate sponsors.

Pre-emption is a major goal of the big banks, which mouth an invented argument that it is more efficient for them if they can offer the same deals everywhere, without having to pay attention to the detailed requirements of different states. Bean has taken a whole lot of money from giant financial institutions, and has been carrying their water on other issues.

You really have to wonder about these giant banks. Right now, their mortgage subsidiaries have to figure out state and local laws on all sorts of issues in residential lending, from where and when to record their mortgages to zoning laws. How hard is it to comply with consumer protection laws in each state? Community and regional banks do it, and so do the local credit unions and other local lenders. The whiny giants are just looking for another way to get out from under the laws of states that want to provide real protection for their citizens, arguing that their size entitles them to all kinds of extra goodies at the expense of their customers. No one really thinks that they would pass any savings along to customers, now do they?

http://www.democraticunderground.com/discuss/duboard.php?az=post&forum=389

Who is willing to run against Melissa Bean in Illinois in 2010. We need to support a strong candidate against her. She is no Democrat.

Imagine suggesting legislation to increase protections for mortgage companies at a time like this! Ms. Bean does not have good timing. What an idiotic idea.

[ensho]

1. kick

nt

[asdjrocky]

2. Bought and paid for.

[tritsofme]

3. Bean is my congresswoman, and I support her.

While the trend is our friend in the area, she is the first Democratic representative of the district in 40 years.

But I guess none of this really matters, she is very popular in this district and isn't going anywhere.

[redqueen]

4. Please post this in the Illinois forum as well. (nt)

[JDPriestly]

5. I'm not from Illinois. The issue That Bean raised about preemption of mortgage laws

affects everyone across the country -- but especially those of us who live in California and who benefit from "depression laws" that protect people from having to pay the remaining principle plus give up their homes when foreclosed.

Californians would be deeply harmed by the preemption that Bean is proposing.

[redqueen]

6. I don't think you have to be from the state to post stuff in the state forums.

Just thought constituents might like to see this as well.

Nevermind...