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Banks’ surprising request: Don’t trash Dodd-Frank

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Mortgage Professional America | 09 Dec 2016, 10:58 AM Agree 0
Big banks have a surprising message for President-elect Donald Trump: Amend Dodd-Frank, but don’t fully repeal it
  • Heath | | 09 Dec 2016, 01:11 PM Agree 0
    They want to keep the mortgage broker comp rules, so they always have the advantage over the mortgage brokers.
  • Vernon | | 09 Dec 2016, 01:36 PM Agree 0
    Exactly what Heath said.

    I use to think Regulation was to protect the consumer. I now know the Regulation is to Protect the Oligopolies like the "Big Banks". If we deregulate, the small broker/banker will have less overhead and be a tougher competitor agains the banks. We can then make some $$$

    I hope congress guts it all including the Christmas Wish List:
    1) Dodd Frank
    2) AMC
    3) TRID and the stupid disclosures
    4) LO Comp.
    5) QM

    Just to name a few

    This would be a great start.

    So Santa Trump!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

  • larry | | 09 Dec 2016, 01:41 PM Agree 0
    screw the big banks
  • Bill | | 09 Dec 2016, 01:43 PM Agree 0
    I agree, the Banks want to keep the advantage they have over brokers. It is time for everyone to play by the same rules.
  • | | 09 Dec 2016, 01:44 PM Agree 0
    And his elf's ! I agree its geared for big banks only!!
  • B G. | | 09 Dec 2016, 01:46 PM Agree 0
    TRID is disaster.
    LO compensation I would keep.
  • | | 09 Dec 2016, 01:54 PM Agree 0
    I agree with Vernon , smart knows the biz.
  • MA broker | | 09 Dec 2016, 02:13 PM Agree 0
    The banks love Dodd/Frank & the regulations as they made them more profitable and at the same time put 80% of mortgage brokers (in Massachusetts) out of busness. What's not to like - the Government puts your only compettiton our of business and bails you out with no one going to jail. They do not want to give up the LO Comp rules which put millions in their pockets and out of the broker's accounts.
  • Andy Morris | | 09 Dec 2016, 02:24 PM Agree 0
    Clearly the Dodd-Frank Act was not prepared by anyone who work in the Real Estate Industry. Clients do not understand the paperwork, Attorneys are frustrated by the mountain of paperwork that generally has to be redone several time in order to complete a closing, and we have seen a 30% increase in the fees charges by the closing agents. No one is a winner in the wake of this catastrophe designed to "Protect the Public", the only ones protected are the Bureaucrats' jobs. Repeal this work of senseless government intrusion.
  • FLORIDA | | 09 Dec 2016, 02:34 PM Agree 0
  • Tennessee | | 09 Dec 2016, 02:47 PM Agree 0
    Jamie Dimon, like an idiot, said he'd accept Dodd Frank not because it was good for the industry but because it would make the moat around his bank that much bigger. Lets keep it for him and his cronies on Wall Street ($500 billion in assets) and let the little guys breath again?
  • Geoff | | 09 Dec 2016, 03:06 PM Agree 0
    The game continues. Banks love this so it caps all brokers.

    The other comments so far are right on the money.

    All of our closings have about 50-100 compliance emails where everyone has to figure out what they are doing.
  • gh | | 09 Dec 2016, 06:43 PM Agree 0
    Tennessee says it best. If the big banks can't control themselves then let them keep Dodd Frank but abolish it for the rest of us.
  • gary heinecke | | 14 Dec 2016, 03:03 PM Agree 0
    There is no question that the big banks were behind this. I have been saying this from the start. Amazing how Wells Fargo commits out and out fraud , how no evidence was found proving COUNTRYWIDE did anything wrong after Bank of America stole this company and blamed all this on the brokers. There is no [protection for the consumer. Figure out how much the consumer gets from the CFPB individually. Another black hole that the government has to steal money much like OBAMA had to get 250 billion in cash for Iran. Jamie DImon NEVER liked brokers. Banks still make huge ysp call it what you want . BIG GOVERNMENT INTERFERENCE for the privileged few. Hence what the left doesn't want the CFPB broken up. Interesting how now that economy has shown to be a false one how YELLEN decides we are on the right track. Time to check for jobs YELLEN.
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