Wednesday, April 18, 2007

Supreme Court Tells States: Hands Offa That Bank

It a Supreme Court ruling that came down yesterday with Ruth Bader Ginsburg writing the opinion, the high court decided that under the National Banking Act (NBA), federally chartered banks and their subsidiaries were not regulated by the states, and are, in fact, immune from state legislation.

So this moves the mortgage lending arms of national banks out of the reach of the individual states and into the loving arms of the Feds.

The New York Times has the story here.

I don't know what this means for borrowers who are losing their homes due to foreclosure. Where's Willie Nelson when he's needed? Who going to put together the rock concert to bail out homeowners? Come on Hollywood, flex those money muscles.

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