That’s what he says, but I don’t believe him.
The government (Democrats and Republicans alike) have been instrumental in destroying the nation’s economy. Once of the most notable intrusions was in mortgage lending, which resulted in disaster for the real estate market. Now, the real estate market is showing some signs of slight recovery in spite of continuous over-regulation by the government.
If the government were to “get out” of the home mortgage industry does that mean that Fannie-Mae and Freddie Mack would fold? Would the government rescind Dodd-Frank regulations? Very unlikely.
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Fannie and Freddie operated very successfully for decades. Then government began “regulating” the home lending business, requiring that lenders make loans to people who were not qualified and unable to repay. As things got worse, more regulations were imposed on lenders. Now, the regulator-in-chief tells the nation that private money should fund home mortgages and government should “get out” of the business. Don’t hold your breath.
Bankers have been forced by the government to spend millions on new compliance programs. Local banks have found it increasingly difficult to do business because of new regulations. One very successful banker I know says there are new regulations every week! He has qualified borrowers ready to do business, and money available, but new regulations prohibit him from closing the deals. This local bank had to spend $40,000 on a new software program just to keep up with new requirements. Loans he could have (and would have) made three years ago, he can no longer make because of government regulations. Small businesses and consumers have been shut out of access to capital.
Until government regulations are removed, banking in America will continue to become more dismal as an industry.
***Gordon Howie is a nationally syndicated author, host of Liberty Today TV and CEO of Life and Liberty Media***
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