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November 2008 Issue [Article]

Protect Financial Consumers

Go into any appliance store in America and look for a toaster with a one-in-five chance of exploding. You won’t find one. But at any mortgage brokerage in the country it has been possible to purchase a loan with a one-in-five foreclosure rate, and the broker doesn’t even have to tell you the odds. Why the difference? Toasters—like every product you touch or taste—are tested for safety. When a baby stroller or an eyeliner is discovered to be dangerous, it is removed from the shelves. Yet financial products go unmonitored for basic safety. When shopping in the complex and…

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is the Leo Gottlieb Professor of Law at Harvard Law School, and the coauthor of The Two-Income Trap: Why Middle-Class Mothers and Fathers Are Going Broke.

 

is COO and co-founder of Business Talent Group, and the coauthor of The Two-Income Trap: Why Middle-Class Mothers and Fathers Are Going Broke.

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November 2008

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