Slideshow High Anxiety in Mortgages

Published
  • September 12 2013, 12:10pm EDT
7 Images Total

Regulators sought to reassure bankers about new mortgage rules at a conference in North Carolina this week, but remarks from all sides about pitfalls and policy mistakes fed the tension.

(Image: Fotolia)


Flexible Enforcement

"Oversight of the new mortgage rules will be sensitive to the progress made by those lenders and servicers who have been squarely focused on making good-faith efforts to come into substantial compliance on time."

— Richard Cordray, director, CFPB

(Image: Bloomberg News)

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Mea Culpa (of Sorts)

"I'm concerned that the pendulum has swung too far. There are millions of qualified borrowers who are getting rejected. … Part of that is on us."

— Shaun Donovan, secretary, Department of Housing and Urban Development

(Image: Bloomberg News)


Fragile Market

"Liquidity is the key component of all activities as we work through the transition in this market. The market is coming back from a private capital standpoint but … it still has a ways to go."

— Michael Dawson, vice president, customer business services, Freddie Mac

(Image: Bloomberg News)


Misguided Focus

"We can't mistake a short-term improvement [in the housing market] for the long-term cure that the mortgage market needs."

— Lee Gibson, CFO, Southside Bank, Tyler, Texas

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QE Rebuke

"Quantitative easing is a handout to the management teams of big banks."

— Mark Yusko, CEO, Morgan Creek Capital Management

(Image: Thinkstock)


Call to Arms

"We should be fighting for the consumer by fighting for access for borrowers that can afford to buy a home and have been blocked out. … I really believe screaming in the wind and sticking our head in the sand is unproductive."

— David Stevens, president/CEO, Mortgage Bankers Association

(Image: Michael Chu)