MBA: Regulators Need Traffic Cop to Get Rules Right
The Mortgage Bankers Association 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,” MBA president and chief executive David Stevens said Wednesday afternoon.
A White House office of housing policy “won’t have the authority to tell regulators what to do,” Stevens said at an Exchequer Club meeting in Washington.
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.