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Friday, April 23, 2010

Obama Treasury official who worked on subprime markets is writing consumer financial protection legislation?

The fox is writing the rules for the henhouse...

An Obama Treasury department official behind the consumer protection language in the proposed financial reform legislation is a former head of the Center for Responsible Lending (CRL), the advocacy wing of a non-profit community development lender funded by none other than John Paulson — the billionaire who worked with Goldman Sachs to package bad mortgages into securities and offer them on the market.


President Obama’s deputy assistant secretary for consumer protection Eric Stein served as senior vice president of CRL. He also served as the President/SEO of CRL’s parent network, the Center for Community Self-Help.

While both groups pitch themselves as non-profits interested in helping the disadvantaged, the organizations dealt in the very kind of advocacy that advocated mortgages for those who couldn’t afford them.

This guy is the respectable front version of the ACORN without the desire to fund whorehouses to employ underage South American girls.

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