MBA Says “Stay Out of the Way”

The National Mortgage News reports the acting head of the Consumer Protection Finance Bureau (CFPB), Raj Date, speaking at the annual Mortgage Bankers Association (MBA) convention, offered to work with the bankers to help resolve the housing crisis. But MBA President David Stevens, noting their responsibility in creating the crisis, said they have to police themselves or the government will step in and take control. He said there is already too much regulation, and the market will find its balance. He said you cannot just create legislation that affects one small part and expect the industry to automatically improve. Stevens suggested that originators do have a stake in the loans they sell in the secondary market. Rep. Spencer Bachus, R-Ala., chairman of the House Financial Services Committee, speaking to the MBA, says he agrees the government should “stay out of the way and let the private market take over with as little regulation as possible.” Date pledged the CFPB would offer “smart regulation” that all could agree upon.

(Graphic credit: MBA and CFPB)

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