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First Federal feels heavy hand of regulation

Mar 31, 2012 | 7 Comments


By Molly Walker
Of the News-Register


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Comments

07:47 am - Sun, April 1 2012
Don Dix said:
"Dodd-Frank Wall Street Reform and Consumer Protection Act" ??

Wall Street has been reformed? B.S.! It appears to be worse!

And the consumer protection aspect is going after a community institution that doesn't sell their loans? There are plenty of big banks that have done so recently. But the government won't touch those, possibly because 'they are too big to allow failure'. More B.S.!

Guess whose names appear at the top on the Fanny-Freddie political contribution list -- Dodd and Frank. So the government gives Fanny and Freddie billions and harasses the little guys for appearance. Government banking oversight seems to be more of a paid-for protection scheme for the big financial institutions, as well as weakening any possible competition.

The only pertainent information needed about this piece of legislation, or how it is applied, is the name of the two boobs who co-sponsored it.
03:45 am - Mon, April 2 2012
troy prouty said:
Banks may not like government involvment, oh well. Many of them brought a lot of this on themselves by choosing to give loans out that could easily collapse. Part these strict regulations stems from creating something than asking for someone else to pay it (tax payers). IT seems we always end up paying somehow for something eh?

I'm sure Enron wouldn't have liked government involvement either, or anyone on probation for that matter. It is what it is, live with it, or quit.

Troy Prouty*
07:24 am - Mon, April 2 2012
Kona said:
Troy,

Government can have negative influences just as the private sector. The government contributed greatly to the "collapse" you refer. The consumer contributed greatly to the "collapse", as well.
01:26 pm - Mon, April 2 2012
linzp19 said:
"He said that was unfortunate, as it was giant investment banks and mortgage mills that caused the economy to collapse, not conservative, community-minded hometown banks like his."

This is my favorite part of this article. Clearly it is a false statement. Faulty lending is faulty lending. If First Federal wants to be a bank then they must abide by bank rules. Just by being "community oriented", does not make you above the law or the rules; and realistically banks' ultimate goal is profit, which is what lending creates. Looks like more of a case of greed.

04:09 am - Tue, April 3 2012
troy prouty said:
Posted "Troy,

Government can have negative influences just as the private sector. The government contributed greatly to the "collapse" you refer. The consumer contributed greatly to the "collapse", as well."

Reply:

I agree. That is why I'm big on consequences of actions and accountability. People need to know their limits. I also believe that if people took the time to see themselves the main issue around government and would start being pro-active in being a citizen, government would work better. It isn't enough to vote. You need to take part. If you see something you don't like follow through to make it change or at least make people aware of it. Today that is so much easier and less costly because of email. That is how you control government. You force the issue to make changes happen.

Someone once asked why a Congressman didn't do something. The response "Didn't know about it".

Government can be a problem I look at Oregon DMV and personally I want to change how they do business, I don't wait for them to change, I go out, email every rep, speak to DMV, Governor and promote a change. The same can be done on a Federal level.

I personally don't have a problem with the federal government's enforcing of banking regulations other than they could have been better prepared and stopped some of this before it happened and I didn't always agree Greenspan's ideas. BUT just between you me and the rest of the world. I think private enterprises often need stricker enforcement than they often get because what most do isn't about values more than it's about money and money is the root of all evil. People Rob, Kill and steal for it and that includes private enterprise and with the money they have they are better at covering it up.
03:34 pm - Tue, April 3 2012
anglingaddict said:
".........and money is the root of all evil. "

Troy,
Money is NOT the root of all evil. Money is "amoral" and is just paper until put in the hands of a human being who does something with it. The correct statement is, "The LOVE of money is the root of all evil." There is a HUGE difference!
05:30 pm - Sun, April 8 2012
Dan said:
Good for the government for taking a tough stand to prevent banks from speculating with their depositors money and good for First Federal for cooperating with the government and getting bad investments off their books. I used to bank at Washington Mutual so I know what happens when you don't enforce discipline on banks. I now bank with First Fed and I am pleased to see that they are doing whatever is required to stay solvent and protect the accounts of their depositors. People, this is a good thing.
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