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MBA's Stevens calls for End to Policy by Enforcement

Monday, May 18, 2015

"Everyone working in the mortgage business feels like there is a giant target on their backs," David H. Stevens said in remarks prepared for delivery today at the Mortgage Bankers Association's (MBA's) National Secondary Market Conference and Expo.  Stevens, MBA's President said the Department of Justice and other enforcement agencies appear to be in charge of the nation's housing policy and both consumers and the housing market would be better served if the tone in DC changed.  Housing policy, he said, is failing today.

The mortgage industry has acknowledged and taken accountability for its role in the meltdown and lenders have paid hundreds of billions of dollars in settlements and made major changes in controls and compliance.  But now it is time for policymakers at both state and federal levels to account for their role in the recovery and in credit access and consumer confidence.  "It's time to acknowledge the flaws in policy, corrections needed to the rules, and the impacts of going too far," he said.


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