SHARE
TRANSCRIPT
| TIME | SPEAKER | TEXT |
|---|---|---|
| 00:00:03 |
|
THANK YOU. WE HAVE A FAIR PANEL -- THIRD PANEL. [INAUDIBLE CONVERSATIONS] THANK YOU. WE HAVE THE... |
| 00:01:25 |
|
THANK YOU, MR. SCHERER, RANKING MEMBERS OF THE SUBCOMMITTEE. I'M HONORED TO BE HERE TODAY ON BEHALF... |
| 00:06:02 |
|
THANK YOU, MR. MIDDLETON. MR. KITTLE. |
| 00:06:09 |
|
I HAVE PROPOSALS TO REFORM MORTGAGE LENDING. AFTER ALL THAT HAS TRANSPIRED SINCE THE HOUSE PASSED... |
| 00:10:24 |
|
THANK YOU VERY MUCH, MR. SAVITT, PLEASE. |
| 00:10:28 |
|
GOOD AFTERNOON, GEREN GUTIEREZ, RANKING MEMBER HENSARLING AND MEMBERS I AM PRESIDENT OF THE NATIONAL... |
| 00:15:34 |
|
MR. McMILLAN FOR FIVE MINUTES. |
| 00:15:37 |
|
THANK YOU, CHAIRMAN GUTIEREZ, MEMBER HENSARLING AND MEMBERS OF THE COMMITTEE. THANK YOU SO MUCH FOR... |
| 00:20:24 |
|
MR. AMORIN, PLEASE. |
| 00:20:25 |
|
THANK YOU. A FEW YEARS AGO THE APPRAISAL LISTED APPEARED BEFORE THIS COMMITTEE AND ONE OF THE LACK... |
| 00:25:07 |
|
MR. ROBSON, FIVE MINUTES. |
| 00:25:09 |
|
CHAIRMAN GUTIEREZ, MEMBER HENSARLING AND MEMBERS, THANK YOU FOR THE OPPORTUNITY TO TESTIFY TODAY.... |
| 00:28:33 |
|
EXCUSE ME, MR. ROBSON, COULD WE PLEASE TAKE THE CONVERSATION, GENTLEMEN ON THE RIGHT. HAVING JUST... |
| 00:28:49 |
|
NO, THAT'S FINE. THANK YOU. THE NATIONAL FRAMEWORK FOR MORTGAGE ORIGINATION STANDARDS PLACED CURRENT... |
| 00:29:50 |
|
THANK YOU. MR. PLATT FOR FIVE MINUTES. |
| 00:29:55 |
|
MR. GUTIEREZ, MEMBERS OF THE SUBCOMMITTEE, THANK YOU FOR THE PRIVILEGE -- CHAIRMAN GUTIEREZ, RANKING... |
| 00:35:24 |
|
YOUR TIME IS EXPIRED. |
| 00:35:25 |
|
IT'S QUITE ALL RIGHT. I WANTED TO THANK ALL OF YOU AND JUST TO GO BACK TO MR. SAVITT FROM THE NATIONAL... |
| 00:38:21 |
|
THANK YOU. I WOULD LIKE TO SECOND WITH WHAT MR. KITTLE SAID. THERE IS DEPOSITS NON-DEPOSITORY INSTITUTIONS... |
| 00:38:51 |
|
THANK YOU. I'M NOT GOING TO PURSUE THE QUESTION. I'M GOING TO YIELD BACK TIME AND YIELD OF FIVE MINUTES... |
| 00:39:04 |
|
THANK YOU, MR. CHAIRMAN. I ACTUALLY SHARE A NUMBER OF THE CONCERNS THAT YOU ARTICULATE IT. I CLEARLY... |
| 00:40:16 |
|
I WAS STRUGGLING WITH THAT DEFINITION MYSELF. |
| 00:40:20 |
|
WELL, I'M CONCERNED AND I KNOW THAT WE HAVE A PROCESS TO WORK THROUGH, BUT FOR EXAMPLE IN RETROSPECT... |
| 00:41:23 |
|
IF YOU LOOK AT THE FAIR CREDIT ACT, THE FAIR LENDING ACT YOU ALMOST HAVE THAT CONDITION NOW IF JOHN... |
| 00:42:18 |
|
AGAIN I DID SOMETIMES WE SEE PUBLIC POLICY ACCESSES AND A THING WE HAVE GONE FROM AN ATMOSPHERE WHERE... |
| 00:42:54 |
|
WE'VE NEVER -- |
| 00:42:56 |
|
NEVER? |
| 00:43:00 |
|
WELL, UNDER H.R. 4915 WE'RE GOING TO EXPAND THE SCOPE OF DEFINITION OF HOEPA AND A MUCH GREATER UNIVERSE... |
| 00:43:27 |
|
OUR INSTITUTION WE WOULD NOT APPROACH THE LEVEL OF PRICING. SO, THE HOEPA CRITERIA WOULD NOT NEGATIVELY... |
| 00:43:47 |
|
DO HAVE AN APPROXIMATION OF REPRESENTING YOUR ORGANIZATION HOW MANY OF THE LOANS ARE MADE BY YOUR MEMBER... |
| 00:43:58 |
|
BY MY ORGANIZATION? |
| 00:44:01 |
|
I'M SORRY, REFERRING TO THE ABA. NOT YOUR INDIVIDUAL BANK. I'M SORRY IF I WAS NOT CLEAR. |
| 00:44:11 |
|
THE REPUTATION OF RISK OF BEING A HOEPA LOAN LENDER WOULD NOT BE IN THE BUSINESS MODEL FOR THE INTEREST... |
| 00:44:47 |
|
ICI NOW OF TIME. THANK YOU. |
| 00:44:53 |
|
THANK YOU, ESTERS CHAIRMAN. YOU LOOK GREAT OVER THERE IN |
| 00:44:56 |
|
THANK YOU. |
| 00:44:58 |
|
I DIDN'T WANT TO PASS UP THIS OPPORTUNITY TO COMPLIMENT YOU ON THAT |
| 00:45:07 |
|
WE'RE KIND OF GETTING DOWN TO SERIOUS TAX. WE'VE BEEN WORKING ON THIS FOR MANY YEARS NOW AND WHILE... |
| 00:50:42 |
|
THANK-YOU, MR. CHAIRMAN. I THOUGHT IF I CALLED HIM MR. CHAIRMAN HE WOULD GIVE ME MORE TIME. DID NOT... |
| 00:50:50 |
|
THE GENTLEMAN FROM NEW YORK. |
| 00:50:52 |
|
THANK YOU, GOOD EVENING GENTLEMAN. THANK YOU FOR COMING. I'D WANT TO PICK, MR. SAVITT BUT WHETHER... |
| 00:51:54 |
|
FIRST OF ALL, YOU ARE TALKING ABOUT THE SAFE ACT? THERE WOULD NOT BE A REGISTERED UNDER THAT, THERE... |
| 00:54:04 |
|
IF I CAN CONTINUE ON FOR ONE MORE POINT. I BELIEVE IN YOUR TESTIMONY YOU MENTIONED THERE WERE SOME... |
| 00:54:18 |
|
AS FAR AS THE IMPLEMENTATION ALSO THE SAFE ACT IS SILENT AS FAR AS THINGS LIKE GRANDFATHER IN. I... |
| 00:56:21 |
|
WITH A TIME I HAVE LEFT. |
| 00:56:23 |
|
YOU ARE OUT BUT MAKE IT, CORRECT. |
| 00:56:24 |
|
I WILL MAKE A QUICK, I APPRECIATE THAT. THE GENTLEMAN WHO JUST LEFT, FROM NORTH CAROLINA, TALKED ... |
| 00:57:14 |
|
I DON'T THINK THAT WOULD WORK FOR SEVERAL REASONS. FIRST OF ALL, THOSE THAT RECEIVE THEIR COMPENSATION... |
| 00:57:50 |
|
MY BIGGEST CONCERN WAS ENTRY THAT WE GET ACCURATE DATA PASSED ALONG TO THE ENTIRE SYSTEM AT THE END... |
| 00:58:10 |
|
MR. ROBSIN, I WAS INTRIGUED BY YOUR IDEA OF A PRE-EMPTION AND, STATUTES MIGHT GET UNIFORMITY TO GET... |
| 00:58:53 |
|
I THINK A LOT OF IT HAS TO DO WITH THE TRANSPARENCY OF SECURITIES AND THAT SORT OF THING AS MUCH AS... |
| 00:59:36 |
|
ALSO, I LIKE THE IDEA OF ALTERNATIVE DISPUTE RESOLUTION AS WELL BUT MY PROBLEM IS I HAVE RECEIVED... |
| 01:00:19 |
|
WELL, THE WHOLE IDEA OF ARBITRATION AS HAVING A FAIR GAME. |
| 01:00:24 |
|
YES, IT IS. |
| 01:00:26 |
|
SO IF THERE IS SOME NEED TO TREAT THE ARBITRATION RULES SO THAT EVERYBODY IS PLAYING WHERE THAT IS... |
| 01:00:48 |
|
THANK YOU, SIR,. MR. MCMILLAN, COULD YOU SHARE WITH ME IDEAS YOU HAVE ABOUT INITIATIVES HE WOULD RECOMMEND... |
| 01:01:10 |
|
EXCUSE ME CERTAINLY MR. CHAIRMAN. AND NUMBER OF THOSE THINGS HAVE BEEN ADDRESSED HERE, BUT WHEN OTHER... |
| 01:02:12 |
|
RECLAIMING MY TIME, MR. MCMILLAN, MAYBE IN THAT CASE THE PARTIES COULD SOMEHOW JOINTLY PICK AN ARBITRATOR... |
| 01:02:32 |
|
ABSOLUTELY CORRECT. WHAT NORMALLY HAPPENS WHEN SOMEBODY PURCHASE IS A HOME USING THE BUILDER'S CONTRACT,... |
| 01:02:55 |
|
THANK YOU, MR. MCMILLAN. MR. SAVITT, COULD YOU OFFER YOUR VIEWS ON WHAT POWERS OF SYSTEMIC RISK REGULATOR... |
| 01:03:17 |
|
YOU ARE TALKING ABOUT AN OVERALL REGULATOR? I THINK OVER ALL REGULATOR IS A GOOD IDEA BUT SOMETHING... |
| 01:03:36 |
|
THANK YOU, MY TIME HAS EXPIRED. THE GENTLEMAN FROM MINNESOTA. |
| 01:03:40 |
|
THANK YOU, MR. CHAIRMAN, THIS COMMITTEE HAS VEERED FROM THE OVERSIGHT AUTHORITIES AS WELL AS REPRESENTATIVES... |
| 01:04:00 |
|
THE ECONOMIC CONDITIONS FROM |
| 01:04:04 |
|
CORRECT. |
| 01:04:06 |
|
WE ARE SEEING WHAT WE WOULD CONSIDER A PRIME A CREDIT THAT HAS A VISION DOWN PAYMENT FROM A GOOD CREDIT... |
| 01:04:35 |
|
SO IN GENERAL OUR HOMES BEEN PURCHASED AND SOLD AND UNDER WHAT CONDITIONS IN GENERAL? |
| 01:04:42 |
|
IN SOUTHERN MARYLAND I CAN TELL YOU THAT IT IS GRADUALLY MOVING, A BOTTOM HAS OCCURRED IN THE PRICING... |
| 01:05:09 |
|
YOU.COM MR. KITTLE? |
| 01:05:11 |
|
WE ARE FINDING NOW THAT LENDING IS MORE ROBUST COMING INTO SPRING TIME AND I AGREE WITH WHAT MR. MIDDLETON... |
| 01:06:45 |
|
THAT LEADS INTO MY QUESTION ABOUT HALF THE UNDERWRITING RULES CHANGED SINCE A CREDIT CRISIS? |
| 01:06:50 |
|
WE ARE MAKING THE BEST LOANS WE HAVE BEEN 15 YEARS. WE HAVE TIED INTO THE UNDERWRITING AND OTHER IS... |
| 01:07:08 |
|
TO RESPOND ON THAT QUESTION AS WELL, WE HAVE NOT CHANGED OUR UNDERWRITING CRITERIA TO WHEN THINGS... |
| 01:07:25 |
|
JUST ONE MORE QUESTION, HOW ARE THE REGULATORY REQUIREMENTS OF COMMUNITY REINVESTMENT ACT OF WRITING... |
| 01:07:38 |
|
FI MENTIONED, WE ARE HIGH SATISFACTORY SEE ARE A LENDER. WE REALLY FIND THE CIA AS A TOOL, NOT AN... |
| 01:08:15 |
|
OTHER QUESTIONS -- NO OTHER QUESTIONS MR. CHAIRMAN DERRIN I YIELD BACK. |
| 01:08:19 |
|
THE GENTLEMAN YIELDS BACK. I LIKE TO ENTER INTO THE RECORD WRITTEN TESTIMONY BY TERRY CLEMENS, EXECUTIVE... |
NOTE: The transcript for this program was compiled from uncorrected Closed Captioning.
RELATED PROGRAMS
DETAILS
PEOPLE GRID LIST
-
-
Kittle, David G.
Chairman Mortgage Bankers Association of America->Board of Directors 06:07 of 01:08:36 -
-
-
-
-
-
-
-
-
-
FEATURED IN
PURCHASE
-
- Price:
- Media Format:
- DVD