Cordray Wars; Blocking Bank Robbers; Why We Need Fannie: Week's Best Quotes
May 21, 2013 11:14 AM
The most notable quotes from American Banker stories of the previous week. Readers are encouraged to add their own observations in the Comments fields at the bottom of each slide.
(Image: Fotolia)
On proposals to reduce the reduce involvement of Fannie Mae and Freddie Mac in the mortgage market:
"Most of the people who think we should shut down [the GSEs] have a pure philosophical belief and they don't care what the outcome is. Or they simply don't understand anything about how housing finance works."
Scott Simon, head of mortgage-backed securities at Pacific Investment Management Co.
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On decisions by Wells Fargo (WFC) and Citigroup (C) to halt foreclosure sales in the wake of new national mortgage settlement guidelines:
"There have been problems with Wells' servicing for a long time. Everybody focuses on Bank of America (BAC), but Wells has just as much trouble."
Ira Rheingold, executive director of the National Association of Consumer Advocates
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(Image: Thinkstock)
On why some banks that still owe Tarp funds should be allowed to make acquisitions:
"It's not a bad thing to use the government-assisted money to grow."
Michael Iannacone, president, MDI Investments
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On why Lewis & Clark Bank in Oregon may take a week to approve a loan application:
"Community banks still like to truly know their customer, so I would view the strategy as more of an entree to a comprehensive relationship."
Trey Maust, co-president/CEO, Lewis & Clark Bank
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Capital City Bank Group (CCBG) CEO Bill Smith on the Tallahassee company's target markets:
Places where "the First Baptist Church and high school football" are the most important institutions.
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Banking attorney Brendan Ryan on running the Marathon des Sables in Morocco, considered the world's toughest footrace:
"There is nothing easy about running 155 miles in the desert. At some point you think, 'What am I doing?'"
Brendan Ryan, partner at the firm Nelson Mullins
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On the decision by Rep. Mel Watt, who has been nominated to head of the Federal Housing Financial Agency, to hold his grandson on his lap during a committee meeting:
"It just so happened that the Congressman's grand-parenting duties coincided with the Judiciary hearing."
spokesman for Rep. Watt
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(Image: Bloomberg News)
Regions Financial (RF) investor Charles Burnett on his three-year-old legal dispute with the bank over the title to a racing boat:
"Regions' conduct on this matter seems to have no commercially reasonable motive. All I want to do is enjoy my boat."
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On why Senate Democrats are pushing for a confirmation vote for Consumer Financial Protection Bureau director Richard Cordray:
"You can't claim that something has been blocked until there is an actual vote against the nominee."
Edward Mills, financial policy analyst at FBR Capital Markets
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(Image: Bloomberg News)
On the $45 million ATM heist in which thieves hacked prepaid card processors:
"A few simple controls could have stopped this disaster and you wonder, where are the regulators? Who is monitoring the prepaid card processors?"
Avivah Litan, an analyst with Gartner Research
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