WSJ: "Mortgage Rules Delayed In Regulator Spat"

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Posted To: MND NewsWire

The Dodd- Frank Bill has laid out a pathway for future operations in the financial services arena. However, the road has not yet been paved. The job of laying the pavement has been left to individual industry regulators who had 270 days from the date of passage to develop, write, publish, submit for comment and issue as final the regulation which will govern our business for the foreseeable future. That put regulators on an April deadline. SURPRISE! Regulators aren't ready. How could we honestly expect regulators to be ready? The housing finance mechanism is broken. The Federal government has Fannie and Freddie on life support. Seems like it might difficult for regulators to apply and implement new rules without a clear indication of how the housing finance mechanism will operate once the GSEs...(read more)

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Source: www.mortgagenewsdaily.com

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