Bank of America Corp (BAC)

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It may be too late but good to see someone has awaken to the fact we are falling off the cliff here and in a hurry!




By Thomas Ressler

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With a new Republican majority in power on Capitol Hill, The Collingwood Group recently asked mortgage industry personnel what they thought the new Congress could do to bolster the housing market. Their answer? Rein in the Dodd-Frank Act.

“Although just fewer than 50 percent of respondents selected ‘repeal Dodd-Frank’ or ‘abolish the Consumer Financial Protection Bureau,’ the comments submitted clearly indicate that these industry insiders prefer a tempered approach with reasonable modifications to these two reactionary reform measures stemming from the crisis,” Collingwood said in a statement regarding its recent poll.

“Many respondents stated that the Dodd-Frank Act should be revised to remove barriers to innovation and to reduce the cost of manufacturing a mortgage.”

Similarly, industry professionals were practical when it came to the prospects for deep-sixing the CFPB and instead recommended that lawmakers think about altering the bureau’s structure to foster more oversight and accountability. Survey participants also said that, if nothing else, at least the CFPB should be more transparent about the exam process – and with the results of an exam.

In other mortgage-related areas, 85 percent believe Fannie Mae and Freddie Mac should execute more risk-sharing transactions, while 36 percent said the biggest danger of the GSE conservatorships is that private capital abandons the mortgage space.