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Cordray defends controversial mortgage rules

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Mortgage Professional America | 29 Oct 2013, 05:30 AM Agree 0
The director of the Consumer Financial Protection Bureau explained his agency's mission and defended controversial new mortgage regulations Monday at the Mortgage Bankers Association's 100th annual conference and expo
  • 2Bsquare | | 29 Oct 2013, 08:21 AM Agree 0
    You missed a key aspect of the speech. The Director noted that the new Rules were transparent and a level playing field that would promote competitions.

    I guess his dictionary of level is different than the one the Jesuits gave me.
  • L Carbajal | | 29 Oct 2013, 09:33 AM Agree 0
    Washington is responsible for the mortgage melt down with their blind former policies and subsequent financial crisis. They have yet to take any responsibility for their actions. Washington IS Wall Street and they do nothing but pass the buck to WS and the banking industry right down to the brokers. Now, they make up the rules as though they are coming to the consumers rescue. I doubt any of them need a mortgage nor do they have mortgages on their homes. If they do, I'm sure they could payoff in a heartbeat.
    How about some real reforms and disallow real estate firms from owning or being affiliated with mortgage companies and broker shops. Conflict of interest much! Dodd Frank BUNK!
  • Gary Marozi | | 29 Oct 2013, 09:57 AM Agree 0
    The mortgage products that were offered to borrowers in the meltdown were the problem. Eliminating the no doc mortgages, stated income mortgages, and marginal credit mortgages (unless the borrower has a larger down payment) will take care of the mortgage market. Lowering the mortgage amounts and setting a compensation level for mortgage officers will not be the answer. Common sense would solve all of the problems and provide a stable market for the future. All lowering mortgage amounts will do is slow appreciation in real estate and make more borrowers hesitant to buy a home. Adjusting lenders compensation will hurt borrowers that need help obtaining financing and will channel more business to the large banks who got themselves into trouble in the first place and do not have the customer service to help the consumers.
  • Who designed the rule making process? | | 29 Oct 2013, 12:32 PM Agree 0
    'We estimate' and 'we believe' don't instill confidence based on past rule making. Would a little testing or a few unbiased studies help or be appropriate before such a drastic change?

    If the economy was stronger there would be no housing woes.
  • Eric P | | 29 Oct 2013, 12:56 PM Agree 0
    Beware the bull. This administration has often referred to the private sector as the enemy. All it's laws and regs come from that mentality.
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