Looking for evidence that the Financial Reform legislation pending before the Senate is a power grab and not an effort at “reforming the system?” Look no further than the man Washington insiders believe would head the proposed “Consumer Financial Protection Agency” should the bill become law.
Eric Stein.
Remember the name. He is deputy assistant secretary for consumer protection at the Treasury Department. He was also a key player in the Center for Responsible Lending — a front group funded by billionaire John Paulson who worked with Goldman Sachs to package mortgages into securities.
In the house of cards that was the mortgage securities market — Stein was the Jack of spades. While Paulson was the bag man for the CRL operation, Stein was it’s hatchet man. Stein harassed and threatened banks into making bad loans. Paulson primed the pump and Stein fueled the fire.
Stein promoted policies that, in his words, encourages other lenders to make suststainable loans to borrowers with blemished credit.” In other words, they would buy loans from banks to make such loans Then the loan would be kicked up to Fannie Mae. Paulson got rich. Taxpayers got bilked.
Rather than being promoted to protect consumers, he needs to explain his role in creating and sustaining the crisis.
Eric Stein must reign. Today.
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