Comments of the Week: Bouncing Foreclosure Checks; 'Rural' Mortgage Definition
Published April 19, 2013 10:09 AM
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Updated April 19, 2013 10:30 AM
1 Min Read
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.
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On foreclosure settlement checks bouncing:
"I received my settlement yesterday … Going to deposit it this afternoon ... wish me luck!"
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On the Senate Banking Committee probing the failed foreclosure review:
"What's the big surprise here? That the little guy got shafted? The only shock that could have been inflicted would have been if OCC and the Fed had actually done a competent job."
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On the OCC seeking enforcement powers against bank consultants:
"At least, the OCC is acknowledging its shortcomings and this is a step in the right direction. Most independent bank consultants do their job well and with pride. Giving the OCC the authority to take proper action against those failing to do their job well is the right thing to do."
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On the failed independent foreclosure review:
"Were the 'independent' foreclosure consultants ever really independent? The firms and individuals all had ties to the financial institutions."
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On whether big banks benefit from regulation:
"Who benefitted the most from mortgage reform? B of A, JPMorgan and Wells Fargo. Fewer mortgages issued in the U.S., but bigger numbers at the big banks."
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On U.S. Bancorp CEO Richard Davis asserting higher interest rates would lure borrowers:
"[Davis] is spot on … Why rush out to borrow and invest when you know the economy will remain stagnant (according to our central bank) and interest rates will remain low for a long time?"
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On a bill that would bar Californians from taking out more than four payday loans a year:
"Rationing credit is a ridiculous response. Next, let's limit the number of times we can use a credit card in a year? This does nothing to address the demand and punishes the consumer."
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On whether the customer is always right:
"After several years directly handling complaints I came up with a paradigm: 'you don't have to be sane to be right.' Banks need to take complaints seriously."
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On whether the customer is always right:
"[The customer's] only right is to receive professional service."
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On claims the 'rural' mortgage definition is too narrow:
"If the CFPB is trying to shut down mortgage lending in rural areas of this nation, they are doing a good job of it."
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On how the 'rural' mortgage definition penalizes homebuyers:
"The dream of homeownership in rural America now lies in the hands of secondary market lenders. Sadly, the borrowers who don't fit neatly into the secondary market box may lose their chance to plead their case to a community banker who can accept cosigners, guarantors and additional collateral."
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On a call for Subway to consider how a mobile wallet reduces valued personal interaction:
"Yeah, I greatly value the 'personal interaction' I have with the teenager making my Subway sandwich. Being able to order ahead on my mobile device so my sandwich would be waiting for me would deprive me of that enriching experience."
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