“Enough is enough”; Stevens Calls for End to Conflicting, Unbalanced PolicymakingOctober 28, 2013
Access to the credit needed to drive this economy is being stifled by government decisions that are an overreaction to events of five years ago, David H. Stevens said today. In an effort to be diligent in correcting for the loose standards of yesterday, “Policymakers all over town have been making hundreds of policy decisions to clamp down on risk, decisions that may make sense in isolation but in the aggregate are choking off credit.”
In prepared remarks for a speech at the 100th anniversary convention and expo of the Mortgage Bankers Association (MBA), Stevens, the association’s president and CEO, excoriated the government saying that “More than five years after the crisis, countless, innocent, would-be borrowers are still being caught in the aftermath, all because Washington won’t trust lenders to make fact-based credit decisions without countless strings attached and second-guessing.”
Stevens looked back over the 100 year history of the organization noting that there has always been a need to balance access to credit with minimizing risk. It’s a tough balancing act-no doubt about it. And over the years, sometimes the market has gotten out of balance— tilted too far in one direction or the other. Well today we are in such a moment.