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Barney Frank: Risk retention is enough to regulate mortgage lending

Steve O’Connor, senior vice president of public policy and industry relations for the Mortgage Bankers Association, said the risk retention rule will be hard enough as it is. "It would seem to me the QRM is sufficiently complex on its own that we don’t need to layer on another massive new issue like national servicing standards," he said.

The co-sponsor behind the Dodd-Frank Wall street reform act told CNBC in an interview on Monday that the controversial law doesn’t actually restrict lending. And he wasn’t the only one in the.

that the consumer had a reasonable ability to repay the loan at the time. the loan was consummated.9 The rule provides a safe harbor and. rebuttable presumption of compliance.’0 The lender need not establish. the borrower’s ability to repay if the loan is a "qualified. mortgage" (QM).

Veteran lawmaker says he mistrusted warnings. The issue that day in 2003 was whether mortgage backers Fannie Mae and Freddie Mac were fiscally strong. Frank declared with his trademark confidence that they were, accusing critics and regulators of exaggerating threats to Fannie’s and Freddie’s financial integrity.

"To get the bill through we had to add risk retention in securitization in mortgages, we had to create what I thought was going to be small category for a small number of mortgage lenders.

Barney Frank (D-MA) denied there was any problem " Fannie Mac & Freddie Mare are not in Crisis" Encouraging the government to do more to get low income families into homes, Ultimately blocking the.

Housing Wire – "Barney Frank: Risk retention is enough to regulate mortgage lending" (2-9-15) "Former Congressman Barney Frank, coauthor of the eponymous Dodd-Frank Wall Street Reform Act, kicked off his keynote address to a standing-room only crowd in the main room at the ABS Vegas 2015, the Structured Finance industry group/imn capital markets conference at the Aria Resort & Casino in Las Vegas."

FINRA fines Southwest, expels Cutler Securities for naked short selling Initial jobless claims rise by 12K to 293K However, continuing claims remain elevated, down just -12k to 3715k, which is consistent for a six figure nfp print. initial estimates h ave a figure south of -250k. Analysts are also forecasting a +0.Fannie Mae, Freddie Mac finally set to reduce mortgage balances Federal mortgage fraud task force subpoenas 11 banks United States Attorney Brady commended the Mortgage Fraud Task Force for the investigation leading to the successful prosecution of Nassida. The Mortgage Fraud Task Force is comprised of investigators from federal, state and local law enforcement agencies and others involved in the mortgage industry.conventional mortgage home loans are not backed by the government.. Loans designed to be sold to Fannie Mae or Freddie Mac must. to one key requirement set by Fannie Mae and Freddie Mac.. Cut Your Debt-to-Income Ratio. And finally, weigh the customer service provided by the loan officer.

According to Stuart Weisberg’s 2009 biography Barney Frank: The Story of America’s Only Left-Handed, Gay, Jewish Congressman, Frank dated women in an effort to deny his homosexuality. His last romance with a woman was a nearly two-year-long affair with Irish-American Catholic Kathleen Sullivan , a Boston School Committee member and the daughter.