Government Trying To Offer Customer Protection
With everything that has happened in the financial market in the last few years, many question if the responsibility falls on the consumer or the lenders (or both)? Is the responsibility of the lender to make sure the customer 100% know what they are signing, or it is the responsibility of the customer to ask questions if they do understand what they are signing? There are advocates on both sides, however the government now feels it needs to step in. NPR is reporting that Congress has drafted legislation that would allow the government to oversee all consumer financial products such as credit cards, mortgage loans and payday loans. This measure would prevent consumers from getting any sort of “loan” that they did not fully understand what they were signing. I am not quit sure how something like this can be regulated, but the government wants to step in and try to protect consumers in these sorts of situations. Many legislatures feel that the past behavior of our banks was that they would shop around till they found a lender that would take on their “unique” client situation. Unfortunately, what this caused was those “unique” consumers to then fall behind on their mortgages because they really can’t afford that mortgage.
No matter what, if you agree with government intervention in our financial market or not, the bottom line is our country needs something to change. The right answer is not always that easy to figure out, however one thing I do know is that to change our financial market there needs to be a combination of many people/groups that need to come together to protect customers…and sometimes protect the lenders (the good ones).
One thing that a lot of people don’t know is that the government already has a bit of ownership in their credit cards, legal documents, bank accounts, loans, and pretty much anything that has been printed in paper.
Why is this? It’s because of Admiralty Law. When your name is printed in all capital letters, like on your social security card/credit card/birth certificate/license of any sort/etc, that is representing the “government business identity” of you, and not you as your own person.
If I were to have my name printed as: Roman M Bishop, that would symbolize me as a sovereign entity. If I had it printed as ROMAN M BISHOP, it then becomes not me but a government owned identity of which I am the spokesperson. It’s this identity which allows the government to step in and repossess your house, charge you on failed payments to loans etc.
If this were to pass, it would be a blatant violation of the tenth amendment.
“The powers not delegated to the United States by the Constitution, nor prohibited by it to the States, are reserved to the States respectively, or to the people.”
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