Decoding Compliance

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FINAL THOUGHTS "At the center of this ongoing crisis is confidence in an appraisal system that remains dysfunctional and is a major impediment to re-establishing a vibrant and stable housing finance framework." THE NATIONAL ASSOCIATION OF HOME BUILDERS, as stated in the group's recent white paper, "A Comprehensive Blueprint for Residential Appraisal Reform" Final Thoughts Candid commentary from the nation's financial and political leaders underscored the partisan clash over housing, stirring up controversy on Capitol Hill. "We did not need TARP. We didn't need to be bailed out. But we understand the reason why the rules have to change." JAMIE DIMON, president and CEO of JPMorgan Chase, speaking to the New York Business Journal in February "[A]TTEMPTS TO FORCE RE-LITIGATION OF ISSUES RELATED TO CFPB'S FUNDING AND ORGANIZATION . . . ARE IRRESPONSIBLE AND INCONSISTENT WITH OUR DEMOCRATIC VALUES." SENATE DEMOCRATS AND INDEPENDENTS, criticizing the Republican party's opposition efforts toward the Consumer Financial Protection Bureau in a letter to the president "Right now, overlapping regulations keep responsible young families from buying their first home. What's holding us back?" PRESIDENT BARACK OBAMA, speaking out on housing during his State of the Union address 80 | THE M REPORT "I DON'T CONSIDER MYSELF AN EXPERT IN SOME OF THESE ASPECTS OF THE FINANCIAL INDUSTRY." JACK LEW, secretary of the Treasury, during his recent Senate confirmation hearing "You have to pay people that run companies an awful lot of money. Everybody knows that." REP. MATT CARTWRIGHT (D-PENNSYLVANIA), commenting on executive pay within companies bailed out by the Troubled Asset Relief Program (TARP) "We have already surpassed our initial expectations, and the settlement is a testament to the fact that largescale principal reduction can be used as an important tool." SHAUN DONOVAN, secretary of the Department of Housing and Urban Development, on the National Mortgage Settlement's progress

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