Comments of the Week: Nov. 19 - 21

On regulators' crackdown on misleading mortgage ads: On regulators' crackdown on misleading mortgage ads:

"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

(Image: ThinkStock)

On Fannie Mae's bid to lower force-placed insurance premiums: On Fannie Mae's bid to lower force-placed insurance premiums:

"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

(Image: ThinkStock)

On examiners' fears that decisions will be overturned by CEOs' calls to Washington: On examiners' fears that decisions will be overturned by CEOs' calls to Washington:

"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

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On whether borrowers should pay higher mortgage guarantee fees in states where foreclosures take the longest: On whether borrowers should pay higher mortgage guarantee fees in states where foreclosures take the longest:

"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

(Image: Wikimedia)

On Fed Governor Elizabeth Duke's call for two-tiered mortgage regulation: On Fed Governor Elizabeth Duke's call for two-tiered mortgage regulation:

"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)

On community banks' lobbying to extend the Transaction Account Guarantee program: On community banks' lobbying to extend the Transaction Account Guarantee program:

"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

(Image: ThinkStock)

On bank customers' lack of interest in personal financial management tools: On bank customers' lack of interest in personal financial management tools:

"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

(Image: Fotolia)

On bankers' lobbying for a safe harbor for all qualified mortgages: On bankers' lobbying for a safe harbor for all qualified mortgages:

"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

(Image: Wikimedia)

On Umpqua Bank providing branch customers with hot lines to its CEO: On Umpqua Bank providing branch customers with hot lines to its CEO:

"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

On community groups urging that Wells Fargo receive a failing grade for Community Reinvestment Act compliance: On community groups urging that Wells Fargo receive a failing grade for Community Reinvestment Act compliance:

"Wells Fargo should be worried."

Related Article: Community Groups Urge OCC to Give Wells Fargo Failing CRA Rating

(Image: Bloomberg News)

On bankers' concerns about the increasing burden of new mortgage disclosures: On bankers' concerns about the increasing burden of new mortgage disclosures:

"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

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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.

Comments (1)
Brilliant observation, very true!!!
Posted by CMOTIL | Monday, November 26 2012 at 10:53AM ET
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