The picture was different for Fidelity Select Home Finance, which invests primarily in companies providing mortgages and other consumer loans.
The CFPB will have the power to set and enforce rules on credit cards as well as mortgages and other consumer loans.
The business cannot be easily ignored owing to the huge yield margins in credit card loans with respect to other consumer loans.
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The Consumer Services segment represents the company's branch network, including consumer banking products and services related to residential first mortgages, home equity lines and loans, indirect loans, consumer credit cards and other consumer loans, as well as the corresponding deposit relationships.
And Pandit has to brace Citi for the looming deterioration in loan quality, which is spreading from mortgages into credit cards and other types of consumer loans.
It wants Congress to impose a national interest rate cap of 10% on credit cards and other types of consumer loans and to cap rates at 6% for veterans.
Wells Fargo largely confines itself to the mortgage market and other consumer sectors like auto loans.
JPMorgan Chase reported an 84% decline in third-quarter profits Wednesday, burdened by costs for its late-night purchase of troubled thrift Washington Mutual and its own exposure to deteriorating consumer mortgages and other loans.
Lots of home loans, but other consumer and business credits, too.
Fearful of prosecutors and trial lawyers, the accounting profession is already aggressively pressuring companies to massively write down the value of securities with subprime mortgages or other consumer receivables, such as auto loans and credit cards.
They'll continue to push sales of interest-only refinancing loans, home equity lines of credit, as well as venture into other consumer-lending activities to soften the sting of falling revenue from making mortgage loans.
Citi and other banks face mounting costs from consumer and business loans.
Consumer loans dominate turf that is shared in other rich countries with overdrafts and credit-card debt.
Finally, these reforms include a new Consumer Financial Protection Agency to prevent predatory loan practices and other abuses to ensure that consumers get clear information about loans and other financial products before they sign on the dotted line.
WHITEHOUSE: Weekly Address: Time for Action on Financial Reform for the Economy | The White House
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