The Psychology Behind the Recovery

TheMReport — News and strategies for the evolving mortgage marketplace.

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64 | Th e M Rep o RT Final ThoughTs Final Thoughts As industry insiders work together to keep things on course, talk turned to matters of policy. "There should not be debt traps peddled to the American people." RichaRd coRdRay, director of the Consumer Financial Protection Bureau (CFPB), on his policy focus on the Daily Show. "Until the vendors have finished tinkering with the systems to get them right, and until bankers are more confident in the robustness of systems and the training of their staffs to use the systems, we believe there's going to be . . . a pullback." RobeRt davis, EVP of the American Bankers Association (ABA), on new technology generating loan terms. "In this instance, a strategic pause is just as significant as a shift in policy." isaac boltansky, a policy analyst at Washington-based Compass Point Research & Trading, on Mel Watt's delaying of G-fee increases. "Under the existing regulatory framework, residential mortgage servicers have many tools at their disposal to help struggling homeowners." Fitch press release concerning how positive equity doesn't prevent all foreclosures. "Complaints against Bank of America and JPMorgan Chase in the following categories were proportionally greater than among all servicers as a group: complaints related to lack of communication or misplaced application documents; complaints about foreclosures and short sales; and complaints about trial modification problems." siGtaRP's quarterly report to Congress concerning TARP housing complaints. "Yes, $50 billion is a big number." GeRaRd cassidy, a bank analyst with RBC Capital Markets, commenting on major banks settling mortgage suits. "Higher home prices and lower shadow inventory levels, together with a slowly improving economy, are hopeful signals that we are turning a long- awaited corner." anand nallathaMbi, president of CoreLogic, in a report on a decline in foreclosures.

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