Bad Credit Loans And The Financial Reform Bill

One of the things that bad credit loans and people with bad credit have to deal with today is alot of doing from what happened with Wall Street excesses of the past few years.

Yes, it’s true that there are people that have bad credit these days, and some of them were irresponsible, but then again, there are many people out there today that have bad credit because they lost their job, or they got stuck not being able to get any kind of credit since the credit markets have dried up.

And, forget being able to refinance now that you have bad credit. There are many people out there…. good people just like you that are now in the position that they can t get any kinds of loans.

Here is some info on the upcoming Financial Reform Bill which is making it’s way to Presiden’t Obama’s desk as we speak.

Let’s see what happens…

Senate Democrats on Tuesday said they had cobbled together the bare minimum of 60 votes needed to close off debate and advance to a final vote later this week. Supporters included three Republican centrists from the Northeast, Senator Scott Brown of Massachusetts, Susan Collins of Maine and Olympia J. Snowe, also of Maine.

The three Republicans may be joined by others, but the bill is still certain to fall far short of the wide bipartisan majority that some Congressional leaders had predicted given the unanimous agreement among lawmakers in both parties that the rules for Wall Street needed to be rewritten.

In the House, only three Republicans supported the bill. “I think it’s just the times we’re in,” said Senator Christopher J. Dodd, Democrat of Connecticut and chairman of the banking committee, a main author of the legislation along with Representative Barney Frank, Democrat of Massachusetts and chairman of the Financial Services Committee.

With a fiercely competitive midterm election cycle under way, the shared goal of tightening regulation of the financial industry gave way to charges by Republicans that Democrats were overextending the reach of government and failing to address the root cause of the crisis by not dealing with the mortgage giants Fannie Mae and Freddie Mac.

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