Trending Thursday: More McMansions, Ferguson home values and more

Trending Thursday: More McMansions, Ferguson home values and more

Plus the real truth about whether renters really want to buy

Exclusive: Redfin’s chief economist answers 5 tough questions

Nationalizing the GSEs, the silver bullet for Washington policy and more

HUD: Associated Bank ‘redlining’ settlement largest ever

HUD Secretary Castro says settlement “sends a strong message”
W S
Lending / The Ticker

Congressman wants agencies to coordinate mortgage rules

/ Print / Reprints /
| Share More
/ Text Size+

The economy will benefit if the Treasury's Financial Stability Oversight Council and other agencies can successfully coordinate a series of mortgage rules scheduled to hit the marketplace this year and next, said Rep. Andy Barr, R-Ky.

Barr made that assertion during a House Financial Services Committee Hearing in which he and other representatives pushed for agencies to communicate and coordinate when it comes to the roll out of new mortgage rules.

Amias Gerety, deputy assistant secretary of FSOC, agreed with Barr, saying coordination across agencies on new rules, including the qualified mortgage and the qualified residential mortgage, is essential.

"We have made public recommendations about mortgage-related rules and are very central in focusing on reforms that work together and promote safety and soundness in that market," Gerety said. 

Nicole Clowers, director of the financial markets and community investment at the Government Accountability Office, took the issue a step further, encouraging the committee to recognize the need for regulatory coordination within all agencies involved under the Dodd-Frank Act, not just the council. 

"All agencies need to recognize the need for formal recommendations instead of ad hoc and informal coordination to provide sufficient outcomes," Clowers said. 

cmlynski@housingwire.com

Recent Articles by HousingWire Staff

Comments powered by Disqus