By "Dr. Doom" Roubini and economist John Kenneth Galbraith, and former U.S. Housing Finance Committee more than 50 people in the industry such as the joint letter signed by 21, to submit to federal regulators. These people have asked regulators to develop as soon as possible the terms of service on how to deal with the mortgage foreclosure case, the loan modification and other related activities to regulate, and that if the mortgage loans continue to have problems, the holder for housing, investors and the wider extremely detrimental to economic development.
The open letter urged the regulatory authorities in the "Dodd - Frank Act" under the framework, and take the responsibility to develop new regulatory standards, and as part of the work to deal with risks. The "joint letter," one of the initiators of action, institutional risk analysis PVA founder Christopher said: "The real estate market is collapsing. We want to tell regulators is that you have statutory powers to take action."
Federal Reserve, the SEC, the Federal Deposit Insurance Corporation (FDIC), the U.S. Comptroller of the Currency and other agencies have received this open letter.
With the mortgage file error exists in the service process, terms such acts of abuse or evidence of fraud continue to be disclosed, regulators have called for regulations that mortgage provider. In the Dec. 1 meeting of the Senate Banking Committee hearing, FDIC Chairman Bell says that rule-making will give regulators "to better adjustment loan providers and mortgage portfolio held by investors interested unique opportunity. "
However, because regulators were unable to administrative privileges, the relevant regulatory measures has not been introduced. U.S. Treasury for its loan service provider that does not have administrative rights, although it has taken over the two largest U.S. mortgage providers Freddie Mac and Fannie Mae.
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