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Billion-dollar originator sees end to 'abusive' regulation

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Mortgage Professional America | 03 Sep 2013, 06:04 AM Agree 0
The country's first billion-dollar originator has predicted government regulation could find balance in the future as the industry rights itself
  • John C Durham | | 03 Sep 2013, 10:12 AM Agree 0
    I think the abuses were related to very large institutions putting out securities paper. Much of the derivative market continues to operate in the dark as moves to bring back Glass-Steagall have gained momentum.

    Seems like the larger the institution is the more regulation it needs. Also, I think that really good ideas on how best to regulate are almost completely missing.

    But, again, still I believe that the volume of regulation and taxes especially, should relate to size. We need Glass-Steagall for starters and a "Super" Glass-Steagall" as the end game or the big banks as David Stockman recommends.
  • Jeff in NY | | 03 Sep 2013, 11:43 AM Agree 0
    I could not have said it better myself. I look forward to the day they take the teeth out of some of these onerous rules & regulations.
  • Bob asks | | 03 Sep 2013, 12:46 PM Agree 0
    Does anyone see hope for the mortgage broker / Originator who wrote mortgage applications for the last 23 years and fell into financial distress being forced to surrender his originators license due to credit problems? Incidentally, never a consumer complaint nor an administrative action within the 23 year stretch.
    Thanks Dodd/Frank and Gov. Corzine
  • Tom Key | | 03 Sep 2013, 01:04 PM Agree 0
    I appreciate the Frost analysis. Yet he fails to mention that 100% of the "regulations" written since 1976 have been drafted and imposed BY the financial lobby. Not a single "consumer" advocate sought the instruments which he admits are "rarely read" by consumers. Ralph Nader for example, pointed out that the industry was benefiting itself, not the consumers.
  • Ken Wulff | | 04 Sep 2013, 09:40 AM Agree 0
    Excellent article
  • Griff | | 04 Sep 2013, 02:02 PM Agree 0
    Bob, that is a sad tale, and it does make one feel hopeless. Big banks and wall street can ruin our financial system and yet live on, live on with help from taxpayers. I am not so confident the stranglehold will let up. It is pushing borrowers into the hands of banks which seems to be the desired outcome.

    Amazing when you consider those who caused the problem prosper and those who were damaged by the problem struggle on. Very frustrating to those who believe in the American dream.
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