(Entire article and video re-broadcast from the TBWS Daily Show, March 21, 2011.)
The Fed Rule on Loan Officer Compensation was written and is based on four reports. Two were pro-broker and two were anti-broker.
The Fed has opted to ignore the more scientific pro-broker studies, in favor of one extremely shallow study, and another that was conducted by two billionaires that got rich in the sub-prime market who now head the Center for Responsible Lending (CRL). Really? Yes really.
Honestly this is going to make you sick. It won’t surprise you at all, but it will once again, greatly disappoint you in the “good ol’ boy club” we know as our Government.