Category Archives: Federal Regulation

The Late Great Recession: How It Became Politicized In This Election Cycle

Posted on by Phil Querin

“Trickle-down did not work. It got us into the mess we were in, in 2008 and 2009,” Mrs. Clinton said, referring to the idea that tax cuts on high-income households can spur economic growth. “Slashing taxes on the wealthy hasn’t worked. And a lot of really smart, wealthy people know that.” ~ Wall Street Journal, September […]

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Posted in Federal Regulation, Financial Crisis, Miscellany, Politics | Tagged ,

The Case of Carmen Segarra and “Regulatory Capture”

Posted on by Phil Querin

“The economic role of the state has managed to hold the attention of scholars for over two centuries without arousing their curiosity.” ~George Stigler, “The Theory of Economic Regulation,” 1971. Now that the unpleasantness of the financial crisis and Great Recession are being slowly relegated to the pages of economics textbooks, let’s ask: What’s changed […]

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Posted in Dodd-Frank, Federal Regulation, Federal Reserve, Financial Crisis, Legislation - Federal | Tagged

SunTrustMortgage – In Trouble With The Feds!

Posted on by Phil Querin

“SunTrust had no effective document management system in place to process and retain the borrowers’ applications and supporting documentation. When the HAMP applications poured in, SunTrust put them in stacks on the floor without organization. At one point, the stacks of opened and unprocessed HAMP applications were so voluminous that their weight buckled the floor.” […]

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Posted in Federal Regulation, Financial Crisis, Legislation - Federal, Loan Modifications, Miscellany, Q-Rants | Tagged , , ,

CFPB Slapped Down For Accounting Deficiencies

Posted on by Phil Querin

How embarrassing! After galloping into town with six shooters blazing, the new sheriff, err, correction, the CFPB, or as they like to refer to themselves – in J. Edgar terms – “the Bureau,” just got ignominiously shot down. It seems that the uber-regulator charged with single-handedly protecting American consumers from themselves, has a little housekeeping […]

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Posted in CFPB, Dodd-Frank, Federal Regulation, Miscellany

The Rule of Nobody: Reasons Behind Regulatory Complexity

Posted on by Phil Querin

Ever wonder why laws, rules and regulations keep growing, becoming more complex rather than less? Readers at this site know my feelings about Dodd-Frank (aka “FrankenDodd”) at 2,400 pages [not counting the thousands of pages of still unfinished rulemaking] and the Volker Rule at 900 pages.  Both laws grew out of a Congressional knee-jerk reaction […]

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Posted in Dodd-Frank, Federal Regulation, Legislation - Federal, Miscellany, Q-Rants | Tagged

FrankenDodd’s Collateral Damage: Banks Too Small To Succeed

Posted on by Phil Querin

As readers of this site know, I have no love lost for the Dodd-Frank Act.  To review my prior rants, go to posts here and here. The gist of my objection to the law is that it casts too wide a net.  It was created by politicians, bureaucrats, and regulators that had no real idea […]

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Posted in Dodd-Frank, Federal Regulation, Financial Crisis, Miscellany, Q-Rants | Tagged , , ,

Oregon MLO Licensing Exemptions for Manufactured Structure Dealers

Posted on by Phil Querin

Who would have thought that the financial crisis brought about by Big Bank Shenanigans would incentivize national and state regulators to impose Draconian rules on the sale of pre-owned manufactured homes?  This relatively small industry is the last vestige of affordable housing in this country.  This misguided effort is akin to regulating row boats after the Titanic […]

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Posted in CFPB, Dodd-Frank, Federal Regulation, Financial Crisis, Legislation - Oregon, Residential Housiing | Tagged , ,

Big Bank Bashing – Waahhh!

Posted on by Phil Querin

On January 28, 2014, Sergio Ermotti, chief executive of UBS AG, was fed up.  While visiting swanky Davos Switzerland [referred to in a New York Magazine article as “…the annual self-congratulatory kaffeeklatsch known as the World Economic Forum”] he vented. Like Howard Bealle in Network, he was ‘mad as hell and not going to take this anymore!’ What […]

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Posted in Dodd-Frank, Federal Regulation, Financial Crisis, Legislation - Federal, Lenders, Miscellany, Real Estate Laws, Residential Housiing, Servicers | Tagged , ,
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