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"Complex mortgage features, such as payment options, negative amortization resets, and underwriting loans only at the initial 'teaser' rates, as well as the complexity of many disclosure documents provided an opportunity for unscrupulous operators to take advantage of borrowers."

Source: Michael H. Krimminger, Special Advisor For Policy, Office Of The Chairman; FDIC

 

Project Reports

Pew Lauds Signing of Financial Reform Legislation

John E. Morton, managing director of the Pew Economic Policy Group, issued the following statement today on the occasion of President Obama's signing of the "Wall Street Reform and Consumer Protection Act." Click here to read the full statement.

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About Us

Pew's Financial Reform Project, which was formed in response to the ongoing financial crisis, brings a nonpartisan, fact-based approach to reforming and modernizing the financial sector.

The financial crisis resulted in unacceptable costs to families, businesses and taxpayers. Millions of Americans have lost their jobs, their homes and much of their savings.  Two years later, Americans are still waiting for Congress to act.  Our future depends upon a fair, competitive and stable financial sector.

Real financial reform must:

  • Create an early warning system that finds and deals with signs of trouble before they hurt American households;
  • End “Too Big To Fail” and bailouts that put taxpayers at risk;
  • Increase transparency in markets to protect the interests of American families and ensure that financial firms act responsibly; and
  • Protect consumers from harmful business practices.

Pew also supports the work of the Financial Reform Task Force. 

The December 2009 Task Force Report, Principles of Financial Reform: A Bipartisan Policy Statement, and other Task Force work is available on the Task Force web site at www.financialreformtaskforce.org.

Pew Lauds Signing of Financial Reform Legislation

John E. Morton, managing director of the Pew Economic Policy Group, on the occasion of President Obama’s signing of the “Wall Street Reform and Consumer Protection Act,” said: “Today’s signing of comprehensive financial reform legislation into law marks the culmination of nearly two years of productive, bipartisan debate about how best to address the causes of the recent financial crisis and reduce the risk of future crises." More

 

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