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August 20, 2007
More Calls for Subprime Regulation
U.S. Rep Barney Frank, who is chairman of the House Financial Services Committee, is in the FT today calling for increased subprime regulation. Three main things:- All mortgage originators must be subject to reasonable regulation substantively similar to those that apply to depository institutions. This means some form of licensing and the proscription of loans that should not be made because there is no reasonable prospect of their being repaid
- Regulatory "guidelines" for mortgage securitization
- A broader rethink of financial markets regulation
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In other news, B Frank to pass legislation to prevent Ron Mexico from dog fighting.
A house is the single largest investment that the average person will make.
It seems reasonable that mortgage originators should be subject to at least the same sort of suitability regulations that stockbrokers must meet.
Series 7 for all mortgage brokers?
I hate to say this but it's really hard to take a guy seriously whose name is Barney Frank. And that's before you see his picture, which merely compounds the issue.
I keep wanting to ask, which is it, "blarney" or "frank". Just tell me, please.
Swell, but irrelevant. These regs would have made a difference in 2005/2006. At this point the market will regulate as necessary. 110% no docs on spec properties is a bad idea? Who knew? Somebody tell BSAM before it's too late.