"We always cautioned our members against becoming mini-correspondents," says Marc Savitt.
The Consumer Financial Protection Bureau says brokers will have to comply with compensation limits even if they are funding loans via a warehouse line of credit.
"You have low rates on one side encouraging borrowing and putbacks to the GSEs on the other side that make lenders less willing to lend money," says John Stumpf.
Wells Fargo executives said they support federal regulators' effort to expand mortgage credit availability but cautioned that it will produce little benefit for the bank's, or the industry's, bottom line.
The newly formed companies are effusive in their praise. The incumbents, not so much.
Reps. John Delaney, D-Md., John Carney, D-Del., and Jim Himes, D-Conn., introduced a new housing bill Thursday designed to provide an explicit government backstop for the market but still increase private sector participation.
Just because a group of athletes or loan officers are the most skilled individual players does not mean that together they make the most capable team, writes Garth Graham.
Julian Castro, who was confirmed as the new secretary for housing and urban development, is bound to face continued industry lobbying to lower premiums paid to the Federal Housing Administration.
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