Mortgage Reform
by Tom on June 17, 2009
in Market Musings, Uncategorized
President Obama proposed vast and sweeping regulatory reforms for the mortgage industry today. A couple of thoughts about what he had to say:
- If you look at the quote below, it sounds really good. I’m all for hard work, responsibility, honest, vigorous competion, it all sounds good.
- if you look at the way that the HVCC has turned out (Home Valuation Code of Conduct), it hasn’t quite had the effect that it was supposed to.
- My concern is that the government’s attempt to regulate and control the industry is going to end up working the way that the HVCC does and then we’ll be in even more trouble.
We’ll have a lot more on that as time goes on…..
Tom Vanderwell
Obama Proposes Regulation of Mortgage Products : HousingWire || financial news for the mortgage market
“That’s our goal,” he says, according to prepared remarks. “To restore markets in which we reward hard work and responsibility, not recklessness and greed — in which honest, vigorous competition in the system is prized, and those who game the system are thwarted.”
