The newly-created Consumer Financial Protection Bureau (CFPB) writes and enforces the regulations of the Dodd-Frank Act.
What virtually no one knows is that the CFPB is financed by the banking industry.
And of course the banks want to outlaw “seller financing” and force everyone to get a conventional loan (from them). See http://www.consumerfinance.gov/budget/ under “Funding Requests.” When you look at that page you’ll see the letters from Richard Cordray, Director of the CFPB, requesting funding from the Federal Reserve.
“Hold on, Bill! You said that they are funded by the banking industry?”
I did. Who do you think owns the Federal Reserve? Not the federal government.
To read the little-known story of how the Federal Reserve was created, by whom, and how it works, read The Creature From Jekyll Island and watch the YouTube video at http://www.youtube.com/watch?v=lu_VqX6J93k
Also watch the Mises Institute video “How The Fed Loots Us”: http://teapartyeconomist.com/2014/07/05/video-federal-reserve-system-loots-us/
