Market Changes Have Been "Dazzling" Cordray Says

Posted To: MND NewsWire

The "dazzling changes" in the mortgage market over the last decade were the topic of address last week by Richard Cordray to the National Association of Realtors (NAR). Cordray, Director of the Consumer Financial Protection Bureau, said the market has gone from an overheated, increasingly irresponsible one that "blew up the largest economy in the world, to retrenching dramatically into an overly tight and restrictive market where many good, creditworthy applicants could not qualify for reasonable loans." The lack of effective regulation before the crash, he said, has now led to strong new regulations designed to protect and support both consumers and responsible businesses. The result is a mortgage market that is steadily recovering, with home values increasing in many areas and millions of...(read more)

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