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Hensarling blasts bank reg as 'solution in search of a problem'

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Mortgage Professional America | 06 Feb 2014, 06:10 AM Agree 0
The chairman of the House Financial Services Committee blasted the Dodd-Frank Act’s Volcker Rule as “a solution in search of a problem” Wednesday at a committee hearing
  • Dave | | 06 Feb 2014, 11:18 AM Agree 0
    It's true. If they want to eliminate all risk, then all lending must cease.
  • Lin Yan | | 06 Feb 2014, 11:20 AM Agree 0
    Very True.
  • Bill | | 06 Feb 2014, 11:25 AM Agree 0
    Here, here! Now, if he can effectively find a way to equalize the impact of the new and yet to come regulation being created and unevenly applied by the CFPB. Rhetoric solves nothing, but at least someone is standing up and stating truth. Now, will he and others get off the bench and into the game for the mortgage industry?
  • Dave | | 06 Feb 2014, 11:26 AM Agree 0
    know what else is a "solution in search of a problem"? Voter ID laws that are really designed to disenfranchise the poor and elderly. Yet Hensarling has no problem with that.
  • Tom | | 06 Feb 2014, 11:26 AM Agree 0
    That's the same 'line' that Marc Savitt has been using about the FRB and CFPB for years.
  • Christian Vandaele | | 06 Feb 2014, 11:33 AM Agree 0
    Rather than blindly blaming the CRA and affordable housing goals as well as Fannie and Freddie for the financial crisis, please quantify: How many CRA induced and conforming mortgages have induced defaults and downward spiraling values in major markets. Look at Fanie and Freddie's market shares shrinking in 03, 04 due to the competition of rate greedy funds who were taking the market away from conforming mortgages with "No Docs, Low Docs..." They had to keep up with the wonderful "Risk Takers" Mister Hensarling loves so much. I too admire risk takers when they play with their own money and I am tired of politicos giving lectures about systems they do not begin to understand..
  • Joel | | 06 Feb 2014, 11:45 AM Agree 0
    Dobb-Frank act is of no good use in lending . It is hurting the very people they think they are trying to help. The owner occ refi market is all but drying up and the large lenders are reducing their work force.Repeel , repeel.
  • Bill | | 06 Feb 2014, 11:48 AM Agree 0
    What is disenfranchising the "Poor and the Elderly" by requiring an ID to vote? ID's are required across the spectrum of American life for even the most mundane activities. If you get government benefits you have to provide evidence of who you are, right. Give them a photo ID at the same time. You might say well it could impact their right to vote "somehow?" by placing an extra requirement in the mix. If it keeps one vote from neutralizing mine or yours by stopping non-citizens, under-age, persons making multiple votes or anyone else who is not eligible to vote from doing so it protects all our rights. I grew up poor in my life with a disabled aging parent and it didn't stop us from following the rule of law. It doesn't stop anyone who needs "Public" benefits from finding a way to get them. Nothing seems to be hindering that. Get real.
  • Gary J. Heinecke | | 06 Feb 2014, 11:59 AM Agree 0
    Let the banks try to deal with one third of what the brokers have had to deal with i.e. the revenue cuts; increased requirements for documentation for a while (that they don't have)*; having to disclose what they really make; calculating the APR differently; and more. I bet it never happens because of the "golden rule". He who has the gold makes the rule.
  • Mike Diffe | | 06 Feb 2014, 12:17 PM Agree 0
    finally someone in Washington that acknowledged the real problem and did not try to pass it off on brokers.
  • Frank O | | 06 Feb 2014, 12:19 PM Agree 0
    Thank God, someone in Washington finally gets it and has the guts to say it!
  • being human | | 06 Feb 2014, 12:53 PM Agree 0
    If Henserling can say he has never gotten donations from any banks. Then I would consider what he is saying. If he has ever gotten any money from the banks. then we would know where he was coming from.
  • Bob is broke | | 06 Feb 2014, 03:39 PM Agree 0
    In the regulators zeal to "fix" the departments of banking across the country are now using the Dodd/Frank act to enforce tax collection. Their motto is, "Pay right now or loose your license!" Thereby, small mortgage brokers who have experienced financial difficulty due to the downturn in the market are loosing licenses and livelihoods in a matter of days. 'Pay up or you're out'... The very hallmark of counterintuitive! Good luck with that collection model
  • John Burns | | 06 Feb 2014, 04:58 PM Agree 0
    Jeb Henserling, I ditto Frank O. Thank God you get the problem and are at least in a position of influence. Please keep up the good work.
  • Had enough | | 10 Feb 2014, 02:21 PM Agree 0
    Thought it could not get any worst, til I started handing out the home counselors list. Decided to check out the information for each of home counselors and imagine my shock when the first one opened was NACA, advertising 3.875%, no down payment. I am now required to pay the advertisement costs for a left wing activist group. Am I the only one that sees a problem here?
  • billy jim | | 12 Feb 2014, 01:44 PM Agree 0
    Agree with Had Enough ...
    the new hoepa form I had to list counseling agencies . I called one yesterday and it was a mortgage modification firm... Thanks god before we do a mortgage we are handing out numbers for loss mitigation. Who thinks up this stuff and give me one benefit that it gives to the client ... A total time waster
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