TheMReport — News and strategies for the evolving mortgage marketplace.
Issue link: http://digital.themreport.com/i/113472
FINAL THOUGHTS "The bad news is that many would-be sellers continue to opt for renting out their homes rather than selling, so any increases in listings are likely to be modest. Even when (or if) more inventory comes, it's likely to hit later this year than most years, as many sellers have shifted their timelines a few months into the future." TIM ELLIS, analyst for Redfin, explaining the organization's recent report on homeowner behavior Final Thoughts Consumer behavior, compliance, and the CFPB's future dominated industry commentary, making headlines from Main Street to Wall Street. "THE CREDIT-AVAILABILITY PENDULUM HAS SWUNG . . . . AS THESE FACTORS ABATE, UNDERWRITING STANDARDS WILL NEED TO FIND A NEW EQUILIBRIUM OF RISK AND REWARD FOR A SUSTAINABLE MORTGAGE MARKET." THOMAS CURRY, Comptroller of the Currency, during remarks at the American Securitization Forum "It seems that every part of these rules imposed by the Consumer Financial Protection Bureau are intended to make it increasingly difficult for small businesses to operate." DONALD J. FROMMEYER, president of the National Association of Mortgage Brokers, commenting on the loan officer compensation and qualified mortgage rules "Basically, Cordray has a free hand . . . . He is not answerable to Congress in terms of the agency's budget being independent; he doesn't answer to the White House directly; nor does the Federal Reserve have much authority to intervene in bureau affairs." DIANE KATZ, regulatory policy expert for the Heritage Foundation, on President Obama's decision to renominate Richard Cordray as head of the Consumer Financial Protection Bureau 96 | THE M REPORT "WHAT WE VIEW AS SUBPAR ECONOMIC GROWTH MAY ACTUALLY CONTINUE TO BE PAR FOR THE COURSE FOR THE NEAR TERM . . . . WE EXPECT THE FISCAL POLICY CLIMATE TO ACT AS A DRAG ON GROWTH THIS YEAR WITH POSSIBLE IMPLICATIONS ON THE DIRECTION OF THE ECONOMY IN THE LONG TERM." DOUG DUNCAN, chief economist for Fannie Mae, on the country's pace of recovery We've been patiently looking forward to the housing industry recovering . . . Now it seems our patience may be finally paying off. The banks won't be able to ignore and aren't ignoring rising demand for mortgages for long." ANALYSTS FROM TURNER INVESTMENTS, elaborating on positive housing market indicators seen in early 2013 "Consumer confidence posted another sharp decline in January, erasing all of the gains made through 2012. Consumers are more pessimistic about the economic outlook and, in particular, their financial situation." LYNN FRANCO, director of economic indicators at The Conference Board, on the lackluster results of the group's latest consumer survey