Congress takes on consumer protection in home lending

With the House Financial Services Committee is set to discuss consumer protection in the home mortgage industry later this month, ranking Republican member Spencer Bachus, sat down with CNBC’s Squawk Box today to discuss this intersection of politics and the housing market. Bachus disagrees with the Democratic proposal for an independent agency to address consumer protection, which he says has already been largely addressed through strict new regulation. “I don’t believe in too big to fail,” Bachus said. “I think it’s unfair. It implies too small to save. It implies 95 percent of your institutions don’t matter.”