February 2016 - The Industry's Best Kept Secret

TheMReport — News and strategies for the evolving mortgage marketplace.

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64 | TH E M R EP O RT FINAL THOUGHTS Final Thoughts The year got off to a bang with these provocative statements made by industry and political figures last month. "Too Expensive to Exist." The Wall Street Journal quipped that "Too Big to Fail" should be renamed "Too Expensive to Exist," as new regulations increase the operating costs of the nation's largest financial firms. "What does that entail other than staying awake during the State of the Union?" A witticism made by "Late Show" host STEPHEN COLBERT last month when asking HUD Secretary, and guest, Julián Castro about the rumors he is in "vice president training camp," and what that may consist of. "We can't make money. . ." JOHN KANAS, BankUnited's Chairman, President, and CEO, during a conference call explaining why the company decided to exit the retail mortgage origination market; said, "Our job is to allocate resources here and put all of our efforts into the areas where we can make money and where we think the least amount of risk is." "It's too soon to tell whether [its] the next Uber or just another flash in the pan." Freddie Mac's Chief Economist SEAN BECKETTI on the growing trend of marketplace lending (which encompasses crowdfunding and peer-to-peer lending). "Will they like me? No. Will they begin to play by the rules . . . You better believe it." Democratic Presidential nominee BERNIE SANDERS on the Wall Street reform policies he would put in place if he wins the presidential election.

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