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Hensarling: Dodd-Frank has created ‘too small to succeed’

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Mortgage Professional America | 25 Jul 2016, 08:15 AM Agree 0
The chairman of the House Financial Services Committee slammed the controversial law, saying its regulations were driving smaller financial institutions into the ground and making it harder for community lenders to offer mortgages
  • | | 25 Jul 2016, 11:29 AM Agree 0
    FInally someone in congress is starting to realize the ramifications. To small to succeed should be the Dodd Frank Slogan.
  • Griff | | 25 Jul 2016, 11:52 AM Agree 0
    2 small to succeed has a nice ring to it when contemplating reality. Unfortunately Congress trying to fix anything is not something we can anticipate actually improving a situation. Free market would be a great step in the right direction. Having a board vs one person running the cfpb would not be that helpful. Allowing small banks and credit unions a pass would not be helpful. If we go there then release small mortgage brokers also to order their own appraisals vs going thru the lousy AMC's. Small banks are doing it and small banks are breaking the rules already why give them a license to steal?
  • LIONEL SMITH | | 26 Jul 2016, 12:37 PM Agree 0
    Finally Congress is realizing that Dodd-Frank only help the big Banks to get away with their crimes after pushing subprime mortgages on small
    Brokers like myself, then Dodd-Frank blamed the Mortgage Brokers because of yield spread! Now we are almost extinct because to earn
    less than a 1000.00 per deal with appraisers appointed by the Government doesnt make sense, meanwhile Realtors still makes 6% pushing large home on anyone they can, leaving it up to the Lenders to secure the financing... Dodd-Frank killed the Mortgage Broker Business with over- disclosing and basis points....
  • | | 27 Jul 2016, 04:50 PM Agree 0
    I like what he is saying but let's take it a step further:

    1. stop excessive reserves. No more free money to banks

    2. make them pay all of it back with a 13% rate.

    3. Breakup Chase and Godman into 100 pieces each.

    4. New law that whomever runs any time of investment vehicle: a 401k plan or a HSA etc can not sell any funds to people, can only charge a 1 dollar maintenance fee per person per year, and has to allow anyone to buy any stock bond or P2P they want.

    5. Arrest all the heads of all the major banks that were in-charge in 2007. Treat them like we do inner-city black folks.
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