Mr. Park is a member of the AI and has been for over 25 years (his words-not mine). Yet, in my limited contact with him I’ve never had any instance where he let the AI perspective interfere with his duties or his ability to look at things impartially.

I’d LIKE to see ASC come down harder on states when they are remiss or misinformed in their obligations but his is a political office and I suspect anything beyond quiet, confidential warnings to regulators is akin to putting a bulls eye on his back for very powerful senators and congress members with opposing views.

I think he does what he can without committing vocational suicide.

Personally I’d like to see a return to Glass Stegall in which investment banking is completely segregated from consumer banking. Instead of interjecting clear partisan bias into the discussion, why not stick with the facts?

“Dodd-Frank” was itself named after the two biggest villains in the financial crisis; Barney Frank AND Christopher Dodd. To think that any legislation drafted and promoted by these two self serving political hacks served to provide ANY meaningful regulation is simply naïve. You need look no further than the intentionally vague and feckless provisions for reasonable and customary fees enforcement.

MOST of the burdens imposed by Dodd Frank have little to do with mortgage securities protections. Whether it should be replaced with something meaningful or not is open for discussion; but to pretend it provides any level of protection against the next meltdown is doing all a disservice.

MOST of the “history repeating itself” mortgage abuses have in fact taken place in the past eight years. Whether they will continue is anybody’s guess…

but NOTHING Trump has said or done suggests that he would weaken our banking system. Appointing people that actually know what the hell they are doing does not equate to selling out to Wall Street.

If it did, then every President (republican or democrat) that has hired a Treasury Secretary out of the ex Goldman Sachs executives pool could be argued to have sold out too.

Maybe THEY did.

Christopher, there were plenty of rules in place in 2007 – but NOBODY WAS ENFORCING THEM!!!

We just need less “management” and more ACCOUNTABILITY..  especially from our so-called “regulators”.

Just a small hiccup. It’s all good now 🙂

I got you covered on that one Koma.  Especially in CO where markets zillowed upward for three straight years, everyone is like zillow said this and zillow said that. “You know why everyone keeps going back and clicking into zillow?  Higher numbers!”  Zillow is clickbait for the residential housing market.

Damnit, I should have taken the blue pill.  You cannot regulate a market of this magnitude without a fines based on income aspect, because these guys continue to make simple analysis of risk vs reward.  I move for a new rule that we will immediately make it illegal for foreign entities to speculate in American residential housing markets.  Nobody is revisiting the IVPI proposal.  If people want to make yet another change, they should revisit the IVPI proposal.  Then we’ll hear all the sorry waa waa’s from the amc’s since this would interfere with the ongoing profit sharing market.  The truth is out there, somewhere.  If a computer could have done this job properly it would have a very very long time ago.   You know why they went with XML?  The metadata.  The end game is clear in the coding choice selected.  FNMA CU data will be attempted to be used to replace humans.  XML is what allows them to scrape data then rebuild it and reparse it on a massive scale, ignoring all that pesky human analysis.

Until the gse’s track and publicly present long term performance, there will be no solution.  Tell me FNMA CU data is secure when all lenders have some measured access to it. Just trust the government, they’ve got this all figured out and are forming yet another committee to figure it out even more.  If they screw up, someone will be there to cover the losses, so investors don’t necessarily need to worry about effective regulation.  Imagine lending 250k out of your personal funds account, do you think you’d be foolish enough to go with the 2 a day 200 dollar cheaper appraiser?  An entire array of companies exist which do not seem to recognize this is supposed to be real money being lended. Then again, it’s not ‘real money’, is it? Logical challenge question: What’s the ‘underlying collateral’ of a debt based petrodollar? The beat skips on.

Second: Why do I have the feeling we are going into the Wild Wild West in this industry very soon. I find myself with every appointment explaining why an AVM from zillow, trulia, etc they can find online is not the same as an appraisal by a licensed qualified appraiser. I’ll toss in a recent example of Zillow CEOs’ house was estimated at $1.4 million on his website and it sold for $1 million. After the appointment I feel like I need a couple of those pills (thanks RA).

“If I were accepting appraisal orders today I would either need considerably more medication than shown in this photo (two hands full) or to have my head examined”.

Great article!