Comments of the Week: Nov. 19 - 21
"If Congress had simply outlawed mortgage brokering, 99% of the problems would have been solved. Instead, we got a byzantine set of rules that produce dizzying disclosures that lenders cannot explain and borrowers cannot understand."
Related Article: CFPB, FTC Put 'Misleading' Mortgage Ads in Crosshairs
"If Fannie is balking [at] the premiums, imagine what they did to regular borrowers struggling to make payments."
Related Article: Fannie Mae Pushes Force-Placed Insurance Reform
"The supervisory process is so unnecessarily layered with people [who] don't understand the industry that the 'tough calls' may be dead out wrong or changed in the supervisory review process without any input at all by the financial institution."
Related Article: It's Time for Bankers to Make Peace with Dodd-Frank
"Passing the costs of one state's consumer protections to consumers in other states where the degree of such protections are not the same is yet another instance of wealth redistribution."
Related Article: Don't Punish Consumers for Servicers' Foreclosure Backlogs
"Good for you, Gov. Duke. Thank you for recognizing that small banks may want to do things differently than the bigs."
Related Article: Use a Two-Tier System for Mortgage Regulation: Fed's Duke
(Image: Bloomberg News)
"The TBTFs don't need TAG because they already have the implicit taxpayer guarantee for all their deposits. The 7,400 non-[TBTF] banks have to buy the coverage."
Related Article: Four Ways for Congress to Pass a TAG Extension
"Never equate what your few Quicken clients want with what the vast majority of your customers really want and do."
Related Article: Banks and the PFM Delusion
"The QM rule was intended to restrict the types of mortgages and easy credit previously offered Politics is taking this rulemaking in the opposite direction."
Related Article: CFPB Must Provide Safe Harbor to All Qualified Mortgages
"If they really want to hear from customers, how about publishing his number on the website?"
Related Article: Hot Line Gives Umpqua Customers Direct Access to CEO
"Wells Fargo should be worried."
Related Article: Community Groups Urge OCC to Give Wells Fargo Failing CRA Rating
(Image: Bloomberg News)
"This is preposterous nonsense. Get your computers prepared and the documents come rolling out. Bankers are such a bunch of loser whiners."
Related Article: Proposed Mortgage Disclosure Forms Increase Burden, Banks Say
American Banker readers share their views on the most pressing banking topics of the week. As excerpted from the Comments sections of AmericanBanker.com articles.
Photos'Both Sides Can't Be Right': Comments of the Week
Photos'Do Chefs Sample Their Own Food?': Comments of the Week
Photos'Why Would Anyone Want to Be a Banker': Comments of the Week
Photos'Wake Up and Smell the Herb': Comments of the Week
Photos'Evil Things Happen': Comments of the Week
Photos'Watch Out for the Giant Metal Ball': Comments of the Week
Photos'The Most Ethically Challenged Sharks in the Tank': Comments of the Week
Photos'Regulation Is Just Like Pro Sports': Comments of the Week