Subscribe to the print edition of National Mortgage Professional MagazineSubscribe to our RSS feedFollow us on TwitterGet daily updates via emailJoin us on Facebook

Barney Frank Sends Warning to Mortgage Industry About Dodd-Frank Revolt

Barney Frank Pic

US Representative Barney Frank, one of the authors of a sweeping financial overhaul bill, warned banking executives this morning that mortgage lenders must not return to extending loans to risky home buyers.

Speaking to the Mortgage Regulatory Forum in Washington, Frank said that there a “revolt” under way against regulations intended to keep lenders from making risky loans to borrowers. Those regulations keep some of the financial risk for mortgages with the lenders who grant them, without which lenders will return to giving loans to those who can’t afford them, he said.

“I am disappointed at this revolt against risk retention that was so clearly at the center of this,” the Newton Democrat said. “All the other problems we had … they all centered on the system for selling to other people loans that shouldn’t have been made in the first place.”

Frank received a polite reception from his Washington audience, which also included regulators and public policy experts, but his pointed words aimed at industry executives before him was a clear rebuke to banks seeking to prevent or rollback the regulatory measures pass in the bill bearing his name. ...

Do you need to stay on top of mortgage industry news and trends?

We can HELP! We will send you a daily email with the latest headlines with free access to the full articles. And NO, we will not Spam you, sell your email address or otherwise abuse the trust you have by giving us when you provide us with your email. Sign up here to get on our list.

The Staff at National Mortgage Professional Magazine

he hottest mortgage industry headlines, featured articles and others mission critical mortgage industry stories delivered to my email inbox each day. 

My email address is . I am located in the state of  (state you are located). 


About Mortgage News Ticker

Get the Mortgage News Ticker in your inbox 10:00 am EDT daily!

My email address is .

The Mortgage News Ticker is a collection of news articles, magazine stories and blog posts from around the web. The opinion expressed are those of the news sources and do not reflect that of National Mortgage Professional Magazine,, NMP Media Corp. or its affiliates.