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Viewpoint: Industry Has to Act to Fix CARD Law Income Rule

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A proposal requiring creditors to look at income does not further the purposes of the Credit CARD Act when compared with the detriment such a requirement would impose.

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The $25 billion mortgage robo-signing settlement is:
Political extortion from the banks in an election year
A slap on the wrist — the banks put reserves away for this long ago, they won't even feel it
A source of relief for both banks and homeowners that could help the housing market and economy recover
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