Last we looked, there were more borrowers than bankers

Editorial from the Santa Fe New Mexican.com - So there they were last week, the partisans who'd done their darnedest to keep the Consumer Financial Protection Bureau from being created, threatening to filibuster President Barack Obama's second nominee as leader of the badly needed agency. But no sooner was Congress back to work than the Senate Banking Committee pronounced his position, and the agency, too powerful. Nothing against Richard Cordray, a former Ohio attorney general — other than (ahem) his aggressive pursuit of banks and mortgage companies in the wake of the housing-market crash. It's just that we can't have the government going after the shifty credit-card and other lending practices of our nation's banks. After all, we owe them big-time for their campaign contributions — oops, strike that last part ... Cordray, who'd already been Obama's choice to head the bureau's enforcement division, very likely would bedevil Big Banking. In Ohio, he sued the monstrous GMAC Mortgage over home-loan abuses. For good measure, he issued strong warnings to banks whose loan officers had been sending out foreclosure notices without even reading them. He forced a temporary halt in foreclosures — until he was defeated for re-election by someone friendlier to financiers. Read more

Last we looked, there were more borrowers than bankers