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Have Dodd-Frank regs gone far enough? Obama doesn't think so

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Mortgage Professional America | 06 Oct 2014, 02:30 PM Agree 0
President Obama praised US regulators for their implementation of Dodd-Frank today -- and urged them to go further
  • John | | 06 Oct 2014, 03:01 PM Agree 0
    Chris Dodd and Barney Frank tried to make up for their total ruination of Fannie Mae and Freddie Mac, along with Bill Clinton in the 1980's. This attemp to ease their conscious is second only to Obamacare as the biggest waste of tax payer money and over regulation of an industry that the US has had in its history.
  • Paul J Deschaie | | 06 Oct 2014, 03:01 PM Agree 0
    Does Mr. Obama realize his legacy will concentrate on how bankers did not go to Jail.
  • angry | | 06 Oct 2014, 03:02 PM Agree 0
    Dodd-Frank are idiots. They have no idea what they have actually caused in the "real" world. Their ignorance of really how the mortgage industry works to benefit the borrower, to allow competition in this industry, which might I add competition are some of the grounds this great country was built on. The borrower "could" be benefited in so many different ways prior to Dodd-Frank. Now completely different story. It still amazes me, and I mean truly amazes me how these morons can make the kind of rules they do and we have to comply and they truly have no idea what they are talking about.
  • Sean Martin | | 06 Oct 2014, 03:11 PM Agree 0
    Does anyone really give a **** as to what Obama says anymore about anything? Worse President ever. Most resigned appointees in the history of any presidency and we are expected to believe that he even has a clue of what Dodd Frank even does.....................

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  • Mary H | | 06 Oct 2014, 03:18 PM Agree 0
    They certainly do not have any idea what they did. Especially to the average good American family. They had so much money they never had to concern themselves with the real world. If anyone thinks this will help the housing market they are so wrong. They changed things alright,but not the right things. We all know what happened when the housing market went down the tubes.
  • Otto Jorge | | 06 Oct 2014, 03:25 PM Agree 0
    Otto Jorge -

    But of course, high above, purched a top his pigeon stand Obama and the rest of the leftist democrat despondent politicians have lost all senses of what is like to be low income or hard-working middle class striving for the American dream of home ownership. These people are no different then the Corporate Elite they prosecute with the help of the leftist media. What the CEO of a major bank takes home how many millions in salary and compensation, don't forget that CEO/Executive has been working hard to climb the corporate latter all their life, sacrificing family and their own personal time, which is more than I can say for most of the ruling administration. Yeah, they want to come in and pay the man or woman who works 60, 70, 80 hours a week the same as the person who is contempt with a lesser lifestyle. Hey people, human nature will always be King, there will be those who will be ok with being maintained by others, by the state and the rest of us who don't care how much the person next to us makes or has and we just strive to work hard, better our lives and for this you should be expected to earn accordingly without your government setting your pay schedule. Let' take the politicians pay away and perks like health care and believe me the Pelosi's of the world would be up all night reading Obama Care before it got passed, just simply because it mattered to them. "How would we know what's in it if we don't pass it."
  • Austin James | | 06 Oct 2014, 03:36 PM Agree 0
    Why didn't they try to regulate Brain surgery? Probably because they knew they that wouldn't be a good idea. 2 bad they don't realize how bad they F'd this industry/country up! Anyone want to count the wasted man-hours in this country on worthless Dodd Frank Regs? They could have fixed what ailed the mortgage industry with one regulation: Triple C mortgage securities should be labeled as CCC and sold only as such. That's all they had to do, ONE. ONE Regulation instead of the thousands they vomited out which did nothing but add cost and inefficiency to the market place and wasted millions of man hours on meaningless BS. Thanks Dodd and Frank. Nice that you guys retired into the sunset with you fat ass government pensions and benefits and left the rest of the country here to rot in your regulatory stench, all so you could get your name up in lights. And then they wonder why the housing market is taking so long to recover. Have they ever heard of supply and demand? They had supply ramped up for everyone who wanted a house to be able to get one and then regulated away demand via stupid regs. What a shame and they think they have done the country a great service.
  • BILLYJIMBOB | | 06 Oct 2014, 03:49 PM Agree 0
    IT seems amazing that We the People have this guy running the show... The most out of touch president ever ... This Dodd Frank and CFPB are so good
    can they name even 1 thing that they have accomplished to help the Citizens of this country ...

    1. Higher Bank Fees Check
    2. Higher closing costs on Mortgages Check
    3. More difficulty in getting a mortgage Check

    The list is too long ... I truly can not name 1 benefit other than these agencies employ a ton of people to hassle people in the private sector and I think that benefits a few at a cost to the many

    Remember In November CHECK
    • OJ | | 06 Oct 2014, 04:06 PM Agree 0
      Right On!
  • OJ | | 06 Oct 2014, 04:06 PM Agree 0
    Right On!
  • Brian | | 06 Oct 2014, 04:19 PM Agree 0
    Eight pages now replace the one original "signed" GFE. More regulation, more paperwork, less approvals for marginal (make sense) borrowers and worst of all, higher expenses for the small to midsize brokers who are capped at 2.75% compensation. And all the while expenses are increasing, profits are reduced and this while the banks make all they want on the back plus up to 3 on the front.

    No this was about crushing small businesses and entrepreneurs. It's about letting the big banks go on and while they pay huge fines (mostly tax deductible) from huge coffers while the small and mid size company's go out of business burdened by over regulation and low margins.

    Show the mortgage industry one benefit of Dodd-Frank Mr. Obama. If that's your legacy, you look pretty bad. Benghazi should be your and Hillary's legacy !!
  • Excuse my mess | | 06 Oct 2014, 05:38 PM Agree 1
    What....a.....joke. Obama's a clown and Dodd and Frank where more fame hungry whores than the slutty Real Housewives of Orange County. Give me a break. This is bullshit, everything is more expensive for the average zap trying to buy a home. All these regulations have stalled the market and there's no end in sight.

    Here's Obama's agenda in a nut shell:

    1. Let's protect the banks we can't go on as a nation without banks. Bull...shit. There's plenty of banks to go around and the small ones that didnt create all the bullshit mortgage programs and didnt get into trouble would be the ones left standing. Any Joe business owner, who makes stupid decisions and fucks clients over, end up with a broken business and most likely in jail. But, not if you're in banking. You get a raise, a government bonus and money to bail your ass out. That's my first big thank you Obama. Way to protect the people. Campaign motto, slogan or what ever you want to call it. Believe, Believe, Believe, yeah I think we all Believe we got fucked in the ass now.

    2. Fuck the average American who works pays his bills and want's to own a little patch of land. You cant get a mortgage because you're to much risk, Mr. aspiring homeowner unless you're in banking. Ha ha ha. Oh hello Mr. banker. You need how many millions, sure thing I understand business is bad. Why dont you just cut that nonsense of free checking do the reacharound and put your finger on another hole! Raise all your fees and charge fees for your fees. wink wink. You'll be able to pay us back in no time. ha ha ha

    3. Letting dip shits who dont know shit pass laws about things they know nothing about. - Here's what I imagined it went like. Yes, yes all those sound like great ideas Mr. Dodd and Mr. Frank consider it done. Why don't we talk about your backers, you have strong connections you know. ha ha ha. Come let me show you the white house. DC is beautiful this time of year. I just had some white streaks painted onto my hair so I can appear more concerned. You know one must keep up appearances. What is that?......Yes, yes you can name it the Dodd Frank act or Frank Dodd act or Frank on top of Dodd and Dodd plays with his balls act, what ever you like, for the right price you can name it FU*@ America and we'll find a way to spin it. We'll make a fuck acronym ( yes I know what that word means ) That's what we have PR managers and natural disasters, wink wink, for now tell me more about your backers. ha ha ha

    Disclaimer: On a more serious note. I dont know shit about politics, I dont know Mr. Obama and I have no clue if Dodd and Frank have gone down on each other. But I do know bullshit. I've been in the industry for 20 years and I know what it sounds like and smells like.

    It's smells and sounds like what it is right at this time. Shit.
  • Mr America | | 06 Oct 2014, 05:40 PM Agree 0
    Sounds like the definition of a stool sample to me.
  • Ben Bernanke | | 06 Oct 2014, 06:22 PM Agree 1
    I just got turned down for my refinance because of Dodd Frank!!!
    What the hell!!!
  • Superstar loan officer | | 06 Oct 2014, 10:30 PM Agree 0
    LOL...I'm definitely not a fan of Dodd-Frank but thanks to them I now get at least 1.5% on all on my mortgage transactions because I have to have a set comp plan per their regulations. Where as before my compensation was negotiable, it is no longer. It is truly an injustice for the little guy trying to obtain financing. I would vote to repeal it just for the simple fact that it hinders fair competition by pricing in mortgage officer's pay as a set fee (for the most part).

    On the other hand, the Government was able to create a whole new agency called the CFPB under Dodd-Frank that rapes me in yearly fees to fund their oversight operations. Maybe that's what this whole regulation scam was about in the first place.....more control of the money and a bigger piece of the financial pie to the government!!! I think the pendulum swung too far on this government agenda and in the end the consumer pays the bill not the mortgage officers. Consumers have no idea in the end, do they?
  • SDiG | | 07 Oct 2014, 06:42 AM Agree 0
    I've only started in the broker business after Dodd-Frank went into effect, so all I know is the current compensation and fee structure. So, for those of you more seasoned mortgage brokers, exactly which fees that the consumer pays are higher now than they were Dodd-Frank? I hear the veteran guys complain about it, but they never seem to be able to answer this question directly.
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