DOES WASHINGTON REALLY NEED A TRAFFIC COP?
I saw an article again today, this one in National Mortgage News, where the Washington "traffic cop" is referenced.
Here David Stevens says:
http://www.nationalmortgagenews.com/dailybriefing/dodd-frank-tidal-wave-1034002-1.html?ET=nationalmortgage:e3671:105997a:&st=email&utm_source=editorial&utm_medium=email&utm_campaign=NMN_Daily_Briefing_012113
To achieve the right balance, the MBA executive wants the White House to appoint a “traffic cop” to provide some coordination over the onslaught of mortgage regulations that will be issued over the next six months.
“We can get the rules done right with a coordinated, balanced approach that doesn’t tighten credit,” he said.
A White House office of housing policy “won’t have the authority to tell regulators what to do,” Stevens said.
But this traffic cop could get the regulators to work together, identify conflicts between regulations and try to balance the timing of the implementation of regulations and their impact on the market.
“It would give us all greater confidence in the real estate finance market and help set housing on a sustainable recovery path,” Stevens said.
I scratch my head and wonder, why and to what end? I'm not a fan of more government spending and what I see so far is the CFPB is protecting big banks vs smaller companies. As Marc Savitt of NAIHP puts it,,,,, picking winners and losers.
I read this article and it says to me, now we have so many agencies they may not work together, so yeah, let's pay one more czar to coordinate the mess. I have the belief that the entire mortgage meltdown was not caused by too few rules or unlicensed loan originators as much as the agencies charged with minding the store were adrift. Adding more agencies and even a "traffic cop" will not help the matter. Washington has too many lobbyists. The answer is kick them all out.
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