With the Dodd-Frank Act ushering in what the Mortgage Bankers Association (MBA) calls the ‘most significant financial overhaul since the Great Depression,’ the Washington, D.C.-based trade group has offered eight principles designed to help guide regulators through the financial reform process.
‘It is essential that this process unfold in a way that balances necessary reforms with the
need for preserving an efficient financial system,’ the MBA says.
The principles are as follows:
- Seek comprehensive, coordinated solutions;
- Foster certainty in the marketplace;
- Increase transparency;
- Balance the ability of the private marketplace to control lending with the application of new regulation;
- Ensure market liquidity;
- Appropriately tailor solutions to the current market environment;
- Maximize competition to lower costs; and
- Promote uniformity.
Click here to view the MBA's ‘Principles for Implementing Financial Regulatory Reform’ document.
SOURCE: Mortgage Bankers Association