We had a chance to interview MBA President David Stevens on the Clinton “bigoted mortgage industry” video. Here is part of what he had to say. We have several other sections of the interview that we’ll be sending out.
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I think the MBA needs to go on the attack with all this BS in the mortgage industry and take on people like the CFPB.
You are correct we need the industry leaders to take on the cfpb, dodd frank and others. They have simply quit working for us. They are all afraid of calling attention to themselves I presume. I watched and was horrified when I heard Hillary’s reply, but then it not the most horrific thing I’ve heard this campaign season, that would be from the repubs, all of them. She seized an opportunity to make a talking point. Plain and simple. That is what politicians do. On the other hand when I posted how difficult it is because of regulations on a different thread I had a poster say “I was making things up”. The problems in our industry are too complex and too far gone apparently for anyone to change them.
Who would ever expect a politician to view entire data to find the truth?
I would have liked to share today's video, however with the photo of Trump's wife the video would not be well received in my market.
I was livid when I saw that clip a couple of days ago. Not that it shocks me, but SHAME, SHAME, SHAME on the leading democratic candidate for making such a divisive & untruthful statement about mortgages! She lacks basic information & discredits herself…and on top of that she chose to pander to her audience. A presidential candidate pandering? LOL
This is not going to help ease the mystique of the mortgage industry.
If anybody has recently obtained a mortgage or had a client who applied for one, you ALL know what insane hoops you all had to jump through & it doesn't matter "who" you are!
There are a lot of people out there who don't have mortgages, haven't recently gotten a mortgage or are paying somebody else's mortgage (renting). They do not understand the reality of the miniscule details that the lenders, underwriters, etc. have to go through in order to be compliant with what our Government now requires. I would challenge any candidate (or Senator or Congressperson) to get a new money mortgage & truthfully document their mortgage process experience. Only then might we start to hear rumblings of easing up a bit on the process. The pendulum needs to swing more to the middle.
Here's a comment from one of my clients: "White guy with 820 credit score and steady job checking in, still was a pain in the ass to get a mortgage"
Her statement wasn't that denial rates were higher. It was that the borrower was forced to jump through more hoops because he was hispanic. That simply is not the case. Everybody has to jump through those hoops.
Thank you Frank best point of view Ive seen so far on who to vote for. And one suggestion can you please from now on open every show with a nice patriotic photo like the one of Mrs Trump?
Clinton doesn't give two craps about details.
I’m actually disappointed in Mr. Stevens comments. Hillary said the lending industry is full of bigotry and discrimination. That is a blatant lie. Loans are torture for everyone who applies and there are no special hoops that minorities need to jump through. Total B.S. and he should say so.
True, but he has probably learned you get more bees with honey than vinegar. It sounds like he is working on trying to get the record straight rather than sling mud and make her mad. If she ends up as the next president, I would rather have him working with her than yelling at her.
Stevens said a thousand fast words = nothing.
Go Donald, but I digress, Need to loosen the regs. on self employd folks we are being booted out of the available great rates. It is costing all of our L.O.'s $$$ talk about preduditial. We are loosing loans and clients right and left. So much for the "Entupernural" Spirit.
Love the Humor!
What about Bernie
so hilary is now a republican trying to repeal the mortgage piece of dodd frank?? this year's election is a three ring circus!!!
Hillary was intentional in those remarks misrepresenting the reasons!
I'm not sure Mr Stevens heard the same quote we did. Just what we need another Hillary apologist explaining away her lack of integrity. Shame on you Stevens….
agree….it was about bigotry…
agree
look at her face
appealing to the base is bologne… we should be voting for someone who promotes ideals, morals, ethics….. NOT bigotry, division and accusatory self motivating statements that are overall not good for the foundation and future of our country
The problem with minorities being turned down for loans is NOT because of the color of their skin or heritage. It's a FINANCIAL decision. Little to no education, few job skills, no work history. Gang banging is NOT a qualification for a home loan. Nor is sneaking across the border.
The problem with minorities being turned down for loans is NOT because of the color of their skin or heritage. It's a FINANCIAL decision. Little to no education, few job skills, no work history. Gang banging is NOT a qualification for a home loan. Nor is sneaking across the border.
Most of the problems within the mortgage industry are a direct resuly of the current administration, of which she was a part of. Dodd-Frank, CFPB, TRID it’s just all designed to delay the process and increase costs to the borrowers it was designed to help.
Till Frank brought it up I had not seen the gun Melania was holding….I wonder why… ; )
Great show !loved the presentation
James, that is a gross generalization and truly should not be a part of this discussion. You started it out properly, but then you lost all credibilty. We need to focus on the actual issues and stay out of the gutter with the others.
James, that is a gross generalization and truly should not be a part of this discussion. You started it out properly, but then you lost all credibilty. We need to focus on the actual issues and stay out of the gutter with the others.
What I think is amazing is that she is talking out of both sides of her mouth. At one of the debates, she explicitly said that she was going to do MORE regulating than what Dodd-Frank did regarding the financial industry. What the heck does she think that will do — make getting a mortgage easier? You can’t have it both ways Hillary!