Cobert For Congress: The Next Wall Street Scandal: Sub-Prime Auto Loans
Mitchell Cobert, Democratic Congressional Candidate for New Jersey 11 wrote a Medium post on the the Next Wall Street Scandal, Sub-Prime Auto Loans.
The Next Wall Street Scandal: Sub-Prime Auto Loans
Excerpts:
“Last month, the Senate voted to overturn this “guidance” and yesterday afternoon, the House also voted to overturn this “guidance.”
“The current interim director of the CFPB, Mick Mulvaney, instead of acting to protect against abuses by Wall Street, said to 1,300 bankers and lending industry officials at an American Bankers Association conference in Washington that “We had a hierarchy in my office in Congress. If you’re a lobbyist who never gave us money, I didn’t talk to you. If you’re a lobbyist who gave us money, I might talk to you.”
– “There is something wrong when campaign contributions matter more than protecting consumers. Only Wall Street benefits when public officials are so easily bought and sold.”
“In a report by Moody’s Investors Service it was stated that, “Santander Consumer USA Holdings Inc, which is counted among the biggest subprime auto-loan firms, verified income on just 8% of borrowers on loans it recently bundled into $1 billion of bonds.” A minor drop in the economy will create a disproportionate default rate in funds holding subprime loans. This is another crisis waiting to happen. If elected, I will guard against discriminatory and predatory lending fueled by Wall Street greed. I will fight to restore responsible leadership at the CFPB.”
Read the whole post here:
https://medium.com/@
Contact:
Press@cobertforcongress.com
973-540-8043
