'The Biggest Fear Is the Stupidity of Bankers': The Week's Best Quotes
September 24, 2013 8:22 AM
The most notable quotes from American Banker stories of the previous week. Readers are encouraged to add their own observations in the Comments fields at the bottom of each slide.
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On a tough new policy proposed by Fannie Mae and Freddie Mac under which banks would be graded on how many defective mortgages they sell to the GSEs:
"Our expectation is zero defects."
Steve Spies, a vice president of loan quality and lender assessment at Fannie Mae
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(Image: Thinkstock)
On concerns that a handful of overpaying buyers could set the market for bank M&A:
"The biggest fear of bankers is the stupidity of bankers."
John W. Allison, chief executive of Home BancShares (HOMB) in Conway, Ark.
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On what banks should do once they grow past the $10 billion-asset mark:
"If you're going to 10, you can't stop. You gotta go to 20."
David Zalman, CEO of Prosperity Bancshares (PB) in Houston
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(Image: Michael Chu)
On the lessons of the fines and enforcement actions issued against JPMorgan (JPM) last week:
"Don't embarrass the regulators and don't hide things from the regulators."
Edward Mills, a policy analyst at FBR Capital Markets
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On East West Bancorp's (EWBC) deal to acquire MetroCorp Bancshares (MCBI) in Houston, a city where East West has one branch:
"This is easier than adding one branch at a time. We can't wait five years to expand in Texas."
Dominic Ng, chairman/CEO, East West Bancorp
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(Image: Bloomberg News)
On how Midland States Bancorp's deal to buy Heartland Bank in St. Louis would accelerate its effort to increase fee revenue:
"We could have done it on our own, but it would take us 20 years."
Leon Holschbach, CEO of Midland States Bancorp in Effingham, Ill.
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On how the Consumer Financial Protection Bureau's qualified mortgage rule will change the industry:
"If you're dabbling in the mortgage business, you can't be a dabbler anymore."
Jim Adkins, managing member of Artisan Advisors, a consultancy
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Criticizing the Federal Deposit Insurance Corp. for discouraging banks from doing business with online lenders, even those that follow the law:
"I don't think that targeting a particular industry for extinction is the FDIC's job."
Rep. Blaine Luetkemeyer, R-Mo.
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Explaining why Simplicity Bancorp (SMPL) in California decided to bring mortgage servicing work in-house:
"We had a big issue with the collection efforts. [Servicers] were just not collecting."
Dustin Luton, president/CEO, Simplicity Bancorp
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