Freedom and free markets. . . this is not really about protecting the consumer. It is about crushing community banks that work with borrowers on an indivudual basis to help them. They are eliminating the competition of their benefactor mega-banks so they can control what is going on in our economy from the top down - that is very, very bad. Most of the “consumer-friendly” regs put in place by the Obama commies usually have consequences that actually hurt consumers. In the long run this will too. There is a place for a temporary interest-only loan and a balloon loan. Obama is smothering community banks with regulation and government-created risk. The country, and the average financial consumer, will be far worse off when they run banks like mine out of business with garbage regs like these.
But you watch: special “executive orders” will be written for Obama Morons affected by Sandy, or buddies in Chicago......there are always exceptions for sycophants.