Mike Fratantoni on the MBA’s mortgage market outlook

Fratantoni discusses the MBA's November forecast, which includes revised estimates for Q3 and Q4, as well as predictions for next year’s purchase market.

Housing market forecast: It’s about politics, not economics

COVID protections for households and support for financial markets are set to expire at the end of 2020. How will this impact the housing market in 2021?

Buying a home in a competitive market

We couldn’t be more thrilled about interviewing a real estate agent for the second episode of Girlfunds, a show where we give you our two cents on money.

Building the one-touch digital mortgage

As Katherine Campbell drives toward a one-touch mortgage, she’s taking time to share what she has learned along the way.

InvestmentsMortgageReal Estate

Trump: We’re going to do a very major haircut on Dodd-Frank

Tells gathered CEOs that administration is "absolutely destroying" regulations

In the words of President Donald Trump, the era of “horrible regulations” is coming to an end.

On Tuesday, during a gathering of some of the CEOs of the country’s largest companies hosted by the White House, Trump told the crowd that his administration is working hard to “destroy” many of the regulations holding back the private sector and plans to continue doing so.

“We are absolutely destroying these horrible regulations that have been placed over your heads, not over the last eight years, over the last 20 and 25 years,” Trump told the crowd of approximately 50 CEOS, which included the CEOs of Citigroup, Blackstone, HSBC Bank, the New York Stock Exchange, BNY Mellon, Vornado Realty Trust, and others.

Trump specifically referenced the Dodd-Frank Wall Street Reform Act as target for regulatory reform, a common refrain of the Trump administration thus far.

On several previous occasions, the Trump administration said that Dodd-Frank is squarely in its crosshairs.

And Tuesday, Trump again said how his administration sees Dodd-Frank as an impediment to the banking business and how he plans to do something about it.

“You have regulations that are horrendous. Dodd-Frank is an example of what we’re working on and we’re working on it right now,” Trump said. “We’re going to be coming out with some very strong…not…far beyond recommendations. We’re going to be doing things that are going to be very good for the banking industry so the banks can lend money to people that need it.”

Trump then laid out his view of the regulatory environment, stating that it’s not the CEOs or the “man that’s making a lot of money” that is actually running the nation’s banks.

Rather, Trump said, it’s the regulators that are really in charge. And that is something Trump is working to change.

“And I’ve always said, and some people get insulted, but you know, it’s not necessarily the man that’s making a lot of money that’s running the bank,” Trump said.

“You look at the folks from government that running all over the banks. They’re running the banks,” Trump continued. “Really, the head people, they’re petrified of the regulators. They’re petrified. They can’t move. The regulators are running the banks.”

Then Trump stated that the administration won’t be pushing for a complete repeal of Dodd-Frank. Instead, Trump said the plans are to cut some of Dodd-Frank and create smarter regulation.

“So we’re going to do a very major haircut on Dodd-Frank,” Trump said. “We want strong restrictions. We want strong regulation, but not regulation that makes it impossible for banks to lend to people that are going to create jobs.”

Most Popular Articles

Fannie Mae, Freddie Mac conforming loan limits increase for 2021

The Federal Housing Finance Agency announced new conforming loan limits for Fannie Mae and Freddie Mac for 2021. The increase is up 7.5% from 2020’s limit of $510,400 and marks the fifth consecutive year of increases.

Nov 24, 2020 By

Latest Articles

CoreLogic responds to investor groups’ initiation of written consent process

The battle for CoreLogic’s board continued on Tuesday after Senator Investment Group and Cannae Holdings, who attempted an unsolicited takeover bid of the company this summer, initiated a written consent process to remove and replace additional directors.

Nov 24, 2020 By
3d rendering of a row of luxury townhouses along a street

Log In

Forgot Password?

Don't have an account? Please