A tremendous anger has been directed at our industry and institutions, a good portion of it justified by the debacles in the mortgage market and on Wall Street and the general attitude we have espoused the last 10 years.

No one takes the position that regulatory reform is unnecessary — the great debates rage around what areas should be reformed and how much reform should take place. My concern is that, if we as an industry do not become proactive in helping along the reform process, regulations will be written by government bureaucrats, lawyers and professors who have little experience in the trenches.

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