Supreme Court gives a big win to predatory lenders. States/people lose.

[Robbien]

By Nathan Newman | bio

In a blow to consumers, the Supreme Court ruled yesterday that mortgage lending subsidiaries of national banks are exempt from state regulation. Every state attorney general and bank regulator had urged the High Court to protect these state laws, especially in light of federal inaction in the face of abuse by predatory lenders.

But the Court in its Watters v. Wachovia decision, upheld the power of the Bush Office of the Comptroller (OCC) to pass regulations shutting down such state laws. Those federal decisions, as Progressive States discussed a few weeks ago, directly fed the predatory lending mortgage bubble and helped encourage the abuses that may lead to 2.2 million subprime borrowers facing foreclosure on their home loans.

http://www.tpmcafe.com/blog/coffeehouse/2007/apr/19/supreme_ct_kills_range_of_state_banking_laws_in_gift_to_predatory_lenders

I know most people keep paying attention to the social issues when talking about the justice system, but this is the kind of stuff that really scares me.

With rulings such as this, we all are very much in financial danger.

[fasttense]

1. The Dancing Supremes doing the jig for their masters.

Soon the supremes will outlaw Unions and child labor laws. If they have their way, slavery will be back.

[Selatius]

2. It's another one of Bush's legacies that will haunt America for decades to come.

It essentially means the executive branch of government, at least on this issue, is now that much more powerful...for better or for worse.

[mmonk]

3. The courts are packed for a reason and its not for real justice.

[Orsino]

10. In between landmark abortion decisions...

...the real agenda is quietly pursued. America, I'm afraid we deserve this.

[rzemanfl]

4. 13 justices on the Supreme Court should be part of the

Democratic platform in 2008. Or 11...

[depakid]

5. Haven't read the decision yet, but....

GINSBURG, J., delivered the opinion of the Court, in which KENNEDY, SOUTER, BREYER, and ALITO, JJ., joined. STEVENS, J., filed a dissenting opinion, in which ROBERTS, C. J., and SCALIA, J., joined. THOMAS, J., took no part in the consideration or decision of the case.

Looks like there may be more going on than meets the eye....

http://www.supremecourtus.gov/opinions/06pdf/05-1342.pdf

[mmonk]

6. I think justices on the liberal side

thought that federal oversight vs state oversight would be a good thing. However, if the federal government is conservative and thus friendly to predatory lenders, it can be a bad thing.

[izzie]

7. Things go one way then the other. Right now it is to wards

anything goes for business. Mark my word it will turn around but I guess the wave has not got high enough yet to crash over. I am sure that the Bush group will leave a trail behind them for years. This is how things work.:think:

[Robbien]

8. You really believe this is just business as usual?

That it is just the corporations turn to win?

I strongly beg to differ. Usually the state of human condition is that there are very few elite ruling a mass population of poor/slaves. Without someone or something getting out there and stopping it, this where our global economic situation is heading.

[izzie]

9. I think we have moved a head over the years but this happens

It goes a little to far for some and they swing its way around and then it goes back to moving in a liberal way. I think for 200 years we have slowly moved for more freedoms etc. and every so often it swings back but not for long. When the major part of a pop. that vote want more freedom and a society that has more control over their lives they will do it. It is like 2 steps forward and one back. Right now I think we are having a world wide revolutions on old ideals that people do not wish to get rid of or wish to shape into a more modern world in their own way and that is what the whole thing is about. Change always makes thing scary. We also always drag our history with us as we go. Just think of this. When my mother was born in 1914 her sex could not vote and I could go on in that way for pages. This is not the age of when I got married in the 50's and it is never going to go back even if their will be a few who keep saying times were better. Business and govt. will fall into all this. The best times are when you live. My own view of life.:bounce:

[WhiteTara]

11. interesting how they scream state's rights

until it is inconvenient. Basta*ds. :grr:

[lovuian]

12. What we are in danger of is a Court system protecting

the aristocracy and rich .... this brings down all civilizations

when millions of Americans are in such poverty which we are almost getting to already
the society will rebel because of the anger
and No court system will survive it

History repeats itself

[Rosemary2205]

13. Too late to R but I'll Kick.

Good thread.