After listening on C-Span to few congress meetings, where CEOs of large Banking Companies were questioned on the failure of the Financial System, I was a bit flabbergasted by the lack of accountability these 7 figures salary recipients were ready to take. If we, the workforce, were so inefficient in monitoring our assignments, we will not hold too long to our jobs. I saw these CEO to portrait themselves as totally ignorant of the facts. If they were as ignorant as they portrait themselves, a system should be in place to make them return their salaries for lack of knowledge for the jobs, gross negligence and underperformance.
The reform should address the following:
Accountability is to be addressed seriously.
Return to the Rules which were in place 11 years ago, and to the regular audits that were conducted to verify the rules were applied properly. It is not a question to re-invent the wheel, just go back to the time Banks' responsibility was critical in the loans making process and reserves were set aside. No Brokers were capitalizing on the process.
No financial rules should be changed in exchange of good support to political campaigns.
Close monitoring to how loans/ modification are offered to the public: When a loan product is offered at no cost, a large cost should not show up in the middle of the documents to be signed (not everybody is knowledgeable in RE loans and RE loans processing) and often Banks clients trust that their loan is really at no cost as presented originally by the Bank's. Representative and sign the documents without too much scrutinize. Unfortunately they end up then with cost added to the balance of the loan and the term set back to 30 years, leaving them in a worse position that they were previously. (Practice still going on our days).
With all my hope for a reform supported by a Congress working for the good of the country.