October 25, 2007
Antonakes to Congress: Let states regulate mortgage lenders
By Matthew L. Brown
Massachusetts Commissioner of Banks Steven L. Antonakes told the House Financial Services Committee that any new mortgage reform legislation should better coordinate state and federal supervisory efforts while building on state regulators’ expertise and experience in consumer protection.
Anonakes testified on behalf of the Conference of State Bank Supervisors at a hearing on the Mortgage Reform and Anti-Predatory Lending Act of 2007 Wednesday. Antonakes said states have been active in mortgage regulation since the 1980s, when the first states passed mortgage broker licensing laws.
“All 50 states, plus the District of Columbia, have now adopted some form of regulatory oversight of the residential mortgage industry,” he said.
Antonakes also urged the committee to make sure that the states are included in any new federal rule-making processes for mortgage providers and suggested the Federal Financial Institutions Examination Council, already in place with a voting state representative, would be the most appropriate forum for developing new rules.
Anonakes testified on behalf of the Conference of State Bank Supervisors at a hearing on the Mortgage Reform and Anti-Predatory Lending Act of 2007 Wednesday. Antonakes said states have been active in mortgage regulation since the 1980s, when the first states passed mortgage broker licensing laws.
“All 50 states, plus the District of Columbia, have now adopted some form of regulatory oversight of the residential mortgage industry,” he said.
Antonakes also urged the committee to make sure that the states are included in any new federal rule-making processes for mortgage providers and suggested the Federal Financial Institutions Examination Council, already in place with a voting state representative, would be the most appropriate forum for developing new rules.
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