The crisis that almost felled our country’s banking system in late 2008 was the culmination of years of poor financial policies at many levels, both from business and government. Although much of the blame does fall on the banks and other institutions in the financial industry, the federal government itself also accepts blame for the severity of the recession that followed.
“Our broken financial regulatory system was a principal cause of that crisis. It was fragmented, antiquated, and allowed large parts of the financial system to operate with little or no oversight. And it allowed some irresponsible lenders to use hidden fees and fine print to take advantage of consumers,” according to White House’s own article on the subject called Wall Street Reform: The Dodd-Frank Act.
While running for President Barack Obama pledged that if he won the job one of the first pieces of legislation that he would fight for would be a modernization of the laws governing the country’s financial system and Wall Street. The financial reform legislation that came out of that promise was the Dodd-Frank Wall Street Reform and Consumer Protection Act, passed into law in 2013.
The White House article goes on to say that “as the most far reaching Wall Street reform in history, Dodd-Frank will prevent the excessive risk-taking that led to the financial crisis. The law also provides common-sense protections for American families, creating new consumer watchdog to prevent mortgage companies and pay-day lenders from exploiting consumers. These new rules will build a safer, more stable financial system—one that provides a robust foundation for lasting economic growth and job creation.”
To read more on this article, please go to: https://www.whitehouse.gov/economy/middle-class/dodd-frank-wall-street-reform
One of the most important pieces of that legislation is the “consumer watchdog” that was created to prevent mortgage companies and other lenders from taking advantage of consumers. Over the next few blog posts we will offer more information on how the Foreclosure and Bankruptcy Defense Attorneys at Korte & Wortman, P.A. in West Palm Beach have the knowledge and information to help you to utilize the Dodd-Frank Act if you feel that you have been exploited by a predatory lender.
If you are in West Palm Beach, Ft. Lauderdale, Clearwater or anywhere else in the state of Florida and in need of a law firm knowledgeable about the Dodd-Frank Act, then contact us at Korte & Wortman, P.A. Korte & Wortman, P.A. is a law firm specializing in all aspects of real estate law, includingth Dodd-Frank Act. In addition to using this blog as a helpful resource, please contact us directly if you have any questions or current legal issues in any type of real estate transaction. Our home office is based in West Palm Beach, at 2041 Vista Parkway, Suite 102. You can call us at (561) 544-7071, stop in to our office, email us at vdinapoli@kwlawfirm.com or come to our website at http://www.foreclosurefactor.com. Our firm represents clients throughout the state of Florida and across the eastern seaboard. We also have offices in Sunrise and Clearwater, Florida.
We look forward to helping you get the legal advice that you need in all real estate, foreclosure, bankruptcy and credit card situations.
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