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Regulatory Rollback, State Pushback & Safer Loan


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A review of this week’s top HECM news

To the chagrin of many and cheers of others the Trump administration has established is commitment to cutting back federal regulations. The CFPB or Consumer Financial Protection Bureau is just one example. The agency’s acting director Mick Mulvaney said in his statement before the House Financial Services Committee, “Regulation by enforcement is done. We’re not doing it anymore. I believe very firmly that financial service providers should be allowed to know what the law is before they are accused of breaking it.” Mulvaney highlighted the bureau’s lack of accountability to Congress as strictly interpreted in the Dodd-Frank act saying ““I believe it would be my statutory right to simply sit here and twiddle my thumbs for the next four hours while y’all ask questions. I think that’s wrong”. Regardless, financial institutions have absorbed both the considerable cost and risks in conforming with the stringent requirements the CFPB enforces, a burden especially felt by smaller lenders and community banks…

There is no video transcript of this week’s presentation

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  1. I read the story but the fact setup to his “new” position on HECMs was the same old loan of last resort just spelled out. Kass then goes on to stay that like financial assessment” “…there have been significant changes in recent years… you must talk with a professional housing counselor.”

    The whole article demonstrated a general lack of understanding of HECMs and Kass’s reluctance to recommend a HECM to anyone who might have an heir. How is that any different from a loan of last resort?

    Once again we seem desperate to find acceptance from newspaper reporters.Why? It is obvious that Kass does not consider the HECM a first tier option but relegates them to one of all other options.

    If Kass has moved forward in his thinking it does not show other than he finally understands that counseling is a required consumer protection. Yet counseling has been part and parcel of every HECM for about three decades.

  2. Mick Mulvaney is a refreshing addition to the CFPB. Hopefully we will see drastic changes occurring. Yes, we have already seen changes but until the Dodd-Frank bill can be repealed, many more changes need to come!

    I am sure you noticed I said until the Dodd-Frank bill is repealed. It is no secret that I have been a major advocate of repealing the bill ever since it’s passage in 2010. It is a bad bill, it is the closest thing to socialism as we can get and it controls our entire financial system!

    Banking, lending, the markets and anything to do with the financial industry has been affected adversely since the passage of Dodd-Frank!

    I also want to comment on The_Cynic’s comment. I say it is right on target about Kass!

    As The_Cynic stated, whole article demonstrated a general lack of understanding of HECMs and Kass’s reluctance to recommend a HECM to anyone who might have an heir. The rest of The_Cynic’s comment states it perfectly!

    Interesting and good presentation Shannon!

    John A. Smaldone

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