WASHINGTON — Sen. Elizabeth Warren (D-Mass.) told a meeting of housing finance executives Tuesday that existing housing finance regulations need to cover mortgages written in normal markets as well as booming markets.
Warren, considered the designer of the Consumer Financial Protection Bureau – spoke to a standing-room-only audience at the Mortgage Bankers Association's annual meeting at the Washington Convention Center.
She praised the existing Qualified Mortgage regulations for helping to introduce a level of accountability into the mortgage origination process which, she said, history has shown can be knocked off track by the moral hazard represented by incentives to issue mortgages without sufficient care.
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