Comments of the Week: Jan. 7 - 11
January 11, 2013 11:11 AM
On the CFPB's qualified mortgage rule:
"All banks now pay for the sins of those who should have been punished and have yet to be punished."Related Article: Cheat Sheet: What the CFPB's Qualified Mortgage Rule Means to Lenders (Image: Fotolia)
On the CFPB's qualified mortgage rule:
"Boring and unsexy is exactly the proper condition of the lending industry. Yes, you will still be able to charge enough interest to make a modest profit, but no, you will no longer be taking home giant piles of money while the rest of us are left to sift through the wreckage."Related Article: Cheat Sheet: What the CFPB's Qualified Mortgage Rule Means to Lenders (Image: Fotolia)
On the CFPB's qualified mortgage rule:
"Empirical study should be done to examine whether the claimed consumer protection benefits of QM actually outweigh the negatives of tightening credit availability further."Related Article: Cheat Sheet: What the CFPB's Qualified Mortgage Rule Means to Lenders (Image: Thinkstock)
On the Dodd-Frank Act:
"It should have been named the 'We'll Torture Bankers and Take Their Money Whenever We Please Act.'"Related Article: Dodd-Frank Remains a Troubled Work in Progress (Image: Fotolia)
On biometric signatures replacing passwords:
"What do you do if your biometric signature is compromised? I can change a password, change my iris is not so easy."Related Article: What Will Replace the Password? (Image: Fotolia)
On regulators' decision to ease Basel III's liquidity rule:
"Banks didn't fail because they were illiquid: they were insolvent. If the price of mortgage securities can plummet 50% in the blink of a computer screen, how is that 'liquid'?"Related Article: Did Regulators Make the Right Call on Basel III? (Image: Fotolia)
On whether regulators made the right decision in softening Basel III:
"The postponement was a good idea. The regulators are still examining each bank to determine if it has enough liquidity so the system is not likely to implode if Basel III is delayed."Related Article: Did Regulators Make the Right Call on Basel III? (Image: Fotolia)
On the outcry over regulators' decision to soften Basel III:
"Danged if you do, darned if you don't."Related Article: You Call That Liquid? New Basel III Liquidity Rules Ineffectual (Image: Fotolia)
On Dodd-Frank pushing another insurance company out of banking:
"Let's remember that Dodd-Frank was necessary because many major players in the banking system proved they couldn't be trusted with lesser levels of regulation or self-regulation."Related Article: Reg Burden Prompts Another Insurer to Give Up on Banking (Image: Fotolia)
On Shelter Insurance's explanation that Dodd-Frank paperwork would have cost it $1 million a year:
"Wait, wait, let me find my violin. $1 million for a set of full accrual accounting books? Right."Related Article: Reg Burden Prompts Another Insurer to Give Up on Banking (Image: Fotolia)
On the foreclosure deal between regulators and 10 major banks:
"How do they plan to decide who gets $125,000 and who gets a check for a couple hundred dollars if they don't review the files? … A better plan would be to give money to groups focused on blighted neighborhood improvement and consumer advocacy groups to work towards foreclosure reforms."Related Article: OCC Stresses Cash Over Detail in Foreclosure Deal (Image: Fotolia)
On the foreclosure deal between regulators and 10 major banks:
"By allowing the 'too big to behave banks' to buy their way out of the toxic mortgage problem … the OCC and the Fed remove any doubt that they have become little more than bank trade associations, helping their members deal with the occasional annoyances of pesky federal and state laws."Related Article: Mortgage Bank Fallback Settlement Likely to Please Few (Image: Fotolia)
