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Graham/Leach Blaily Notice

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jtrotta

Thread Starter
Senior Member
Joined
Jan 16, 2002
According to the National Poll conducted by the Banking industry, last year only 5% responded to this notification about "sharing personal information". It appears typical of New Laws; first don't tell anyone what your making a new law; on the notices "to the people" make the print small enough, so it's even harder to understand; and on the ones I've received no part of it was in Spanish.

Due to the low response (5%) - it will now have to be circulated every year.

Look for your Bank Fee's to increase shortly- based on another empty suit at the forefront. Does it ever make you wonder why these laws are put into affect without proper justification???

Your Thoughts 8)
 

Richard Carlsen

Elite Member
Joined
Jan 15, 2002
Professional Status
Licensed Appraiser
State
Michigan
This is another of the KJR laws that are so prevalent these days. They all have to do with fears, feelings and purported victims. Once these laws are passed, the politicos can go home and say, “See what we did. We protected you.” No never mind that there was never a problem or that the entire society will now have to foot the bill for a useless piece of legislation.

KJR stands for Knee Jerk Reaction. A fine example of this is the recent Campaign Finance Reform law which amends the constitution reducing our freedom of speech while making everyone feel like they did something good about the Enron affair where nobody has yet to be charged with any corruption of any official.
 

Blue1

Elite Member
Joined
Jan 14, 2002
Professional Status
Certified Residential Appraiser
State
California
GLB??? What the heck is that? That's the response from 99.9% of the folks I've talked to about it. (Including lending professionals and appraisers) This is just another form of idocy foisted upon us by our federal beaurocrats. If anyone thinks for one minute that their "privacy" can be protected they are dreaming. For instance, a guy goes on the Internet and applies for a loan and then invokes this GLB act. Well.....his "private" information has already been but at risk by virtue of logging on to the Internet. This is "Feel Good" legislation at it's best (or worse).
 

Jack Schoppa

Freshman Member
Joined
Mar 29, 2002
Professional Status
Certified General Appraiser
State
Texas
Greetings,
Here in north Texas sale data is difficult to verify because, like everythihg else, we are a non-disclosure state. Most deed records indicate $10.00 and other good and valuable consideration. Deeds of Trust indicate loan amounts but not equity portion of the transaction. So, who knows what the actual sale price was. Often times title companies, banks, and attorneys are the best source for data verification. Needless to say GLB has scared the "petunias" out of most of those folks. Try getting an attorney to do something that is against the law, no matter how lame the law and how necessary the information to keep the wheels of the real estate market turning. Not only that, but we are Phil Gramm's home state. Most of Phil's intentions are good, and he is a wise man, but GLB is bad for my business. But then, he didn't bother to ask my approval for his legislation.
 
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