The report said “increased oversight and regulation has led to an increase in compliance costs,” which limits the ability<br />of mortgage firms to spend more money “on developing more effective mortgage servicing platforms and technology.”<br />The Treasury recommended a slowdown in new regulations for mortgage servicers.<br />In particular, the report said, there needs to be “careful study of regulations<br />and the extent to which they may be holding back the supply of mortgage credit.”<br />One recommendation was to revise the definition of what constitutes a “qualified mortgage,” which can be guaranteed by Fannie Mae<br />and Freddie Mac, to encourage more expansive lending.<br />In a report released late Monday, the Treasury Department said the Consumer Financial Protection Bureau should be substantially stripped of its powers, accusing the agency of regulatory overreach<br />and saying the president should be able to remove its director.<br />Trump Administration Says Financial Watchdog Agency Should Be Defanged -<br />By ALAN RAPPEPORT and MATTHEW GOLDSTEINJUNE 12, 2017<br />WASHINGTON — The Trump administration called for the neutering of many of the central provisions of the Dodd-Frank Act as it offered<br />its most detailed plans to date for the unraveling of the financial regulations put in place after the 2008 financial crisis.
