Morning Consult: Reduced Rivalry in Mortgage Lending Will Cost Consumers

The leading wholesale mortgage lender as announced an ultimatum calling on independent brokers to be exclusive and not use other lenders. By forcing independent brokers to limit the options available to them, this ultimatum undermines the very principle on which the broker channel exists — shopping to find consumers the best rates and terms. This […]

Consumers’ Access to Credit

During the past two years, American consumers have enjoyed vigorous economic growth.  Our second quarter GDP was 4.1%.  The beginning of November showed an annual wage growth rate of 3.1%, 7.4 million job openings, and an unemployment rate of 3.7%.  Those economic conditions welcome recent graduates and some of the marginally attached workers into employment. […]

Expecting a Crush of Lenders for Low Down Payment Mortgages?

The most prominent obligation for federal bank regulators – the Federal Deposit Insurance Corporation (FDIC), the Federal Reserve, and the Controller of the Currency – is to avoid another taxpayer bailout as happened in 2008. The Troubled Asset Relief Program (TARP) infused $250 billion into banks to stabilize them.  The program was embarrassing to banks […]