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Dodd-Frank Act: Reformation and Regulations
August 18, 2011



Over a year ago the Wall Street Reform and Consumer Protection Act, part of the eponymously named Dodd-Frank Act, became law.  


Anything changed since then? Too soon to tell?


All depends on what we expected!


In a three-part series I published about financial reform, I explored just how extensively the Dodd-Frank Act would affect the mortgage industry.


I happen to think the stakes are much too high to accept the anesthetic bromide of "Time will tell!"



Jonathan Foxx - Portrait
Jonathan Foxx
President and
Managing Director







In August 2010, I offered the following observation:

Accountability these days seems to mean no adverse consequences to the perpetrator and no blame for anybody. If you find a person to blame, that person's not accountable; and if you find somebody who is accountable, that person is not to blame. While lobbyists, dogmatists, political catechists, and ideologues just make stuff up, they've found the culprit for sure, those bad actors portrayed as directly and indirectly culpable, the rapacious mortgage originators: they certainly should be blamed, reined in, re-regulated, and de-incentivized for having largely contributed to the worst financial crisis since the Great Depression!


Reforming and Regulating     

Read Article-1


Further along in the article, I wrote:


On Friday, June 25, 2010, all the backroom, sub rosa, deals were ironed out, all the special interests had their way or lost their sway, and the votes tallied up mostly across party lines: Democrats - Aye; Republicans - Nay. The Ayes had it! Congratulations filled the conference chamber, Representatives and Senators praised one another, staff high-fived and hugged one another, and President Obama hailed the legislation as the "toughest financial reforms since the ones we passed in the aftermath of the Great Depression." Now only House and Senate approval was needed, and thence the President's multi-pen signature, to become the law - which it did on July 21, 2010, just before noon. The legislation, now known as the Dodd-Frank Act, became the law of the land.


There is an ancient Buddhist saying that, freely translated, states:

If you want to know your past, look into your present conditions.  

If you want to know your future, look into your present actions. 


Please note the emphasis placed on the present.


Over one year later, and the mortgage industry is still trying to come to grips with the changes mandated by Dodd-Frank Act. This is our present, encompassing the past, reaching into the future.  


The article I wrote is as timely today as it was when it was first published. 


I hope you will enjoy reading it, and I hope you will share your view.  


Read Article-1

What do you think?

Please feel free to offer your comments


in the Discussion Forum. 


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