MReport April 2019

TheMReport — News and strategies for the evolving mortgage marketplace.

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64 | TH E M R EP O RT FINAL THOUGHTS Looking to the Future From past scandals to possible future recessions, here are some of the quotes defining how the industry is moving. "restitution has been made" Wells Fargo CEO Tim Sloan, addressing the House Financial Services Committee about the bank's efforts in the wake of the 2016 scandal involving deposit and credit-card accounts that were opened in customers' names without their knowledge. "think beyond investing in bricks and mortar" United States Department of Housing and Urban Development (HUD) Secretary Dr. Benjamin Carson, laying out HUD's 2020 proposed budget and suggesting a more holistic focus on "investing in people." "recessionary conditions ahead" Five Star Global President and CEO Ed Delgado, warning of a potential economic downturn in 2020 during remarks at the 2019 Five Star Single-Family Rental Summit. "a complete wreck" Economist Elliot Eisenberg, discussing the state of the housing market during an economic summit hosted by the Fredericksburg Area Association of Realtors and the Fredericksburg Area Builders Association. "answer for Mick Mulvaney" House Financial Services Committee Chairwoman Maxine Waters, calling on Consumer Financial Protection Bureau Director Kathy Kraninger to address the previous Acting Director's management of the Bureau, which Waters said she felt gave lenders "a free pass to abuse servicemembers."

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