Mr. Wilson, i want to get back to you. In september 2012, icba survey found 55 of bankers decreased their Mortgage Business or stopped providing higher priced Mortgage Loans and higher priced mortgages that took effect in 2010. I wondered if your bank still does offer an issue mortgages and if so, have you decreased the number of mortgages because of regulatory uncertainty . Yes, sir. Most all of our mortgages would have fallen into the higher priced mortgage and we do not have the staff capabilities to escrow insurance and taxes. Again, the last few seconds, thank you so much, all of you for being here and we do want to figure this out. We need to clean this up and ultimately i want to see Community Banks that are vibrant in our communities again and with that i yield back, chairman. The chair recognizes the gentleman from colorado. Thank you, mr. Chair. Somebody mentioned the incredible cost of dodd frank to the system, but i just want to start that before dodd frank in the summer 20
They dont want to be designated but they also said the fact that they are closely supervised by the that is one of the most to the community. So the fact that they dont want to be close and supervised by the fed is simply the size alone and theres nothing they can do about it unless you want to break up fidelity. Thank you for asking. Okay, so banks greater than 50 billion dont have a choice. That is my time. Im sorry, did you want to talk over me . We know that. Believe it or not, the time alongside the gentle lady from new york. So why did they not want to be designated. Designation and supervision is what leads them to think this, so why would they not want to be designated. Again, at the time alongside to the gentle lady from new york area. I rather hear discussion between the two of them than the majority of people here on both sides. You are recognized. I agree with that. Here you have to have designation, which is aig and he had no choice and they were silent and the other Insur
And they wouldnt have stopped any of it. You couldve made all those bad Mortgage Loans. And then the question is if you break up the bank and its its part of the issue. Its one of the things that we asked him to look at with regard to discretion. And so why i changed my own position, i believe didnt agree with this but they are part of the complexity and i think that its not just about complexity but its a very good way to diminish this complexity. So my question is what is the level in which you have to get them down and precipitating this was a failure of the Lehman Brothers, so presumably if you think that no bank should be too vague than the big issue would be Lehman Brothers was like this at the time. And so then how does the federal Government Order dismantlement. I do think the complexity issue of the bull rule also has an amendment that was offered by paul when he was here which does give the fed the power to order the divestiture of any particular segment in particular institu
Looked at and chosen that not to offer at this time until we figure out the risk. Were a little behind the curve on some of the new technologies. Thats the impact of the risks that we try to face each day. I want to get back to a few more questions with you. I want to just remind this committee where this all started from. I want to go back to september 25th, 2003. A hearing here at Financial Services committee hearing. Chairman frank, you said on the record, i do not want fannie and freddie to be Just Another Bank. If they do not more than Just Another Bank sorry. If they were not going to do more than another bank would be because they have so many advantages then we do not need them. And so therefore, i do not think, i do not want the same kind of focus on safety that we have at occ and ots. I want to roll the dice a little bit more on the situation toward subsidized housing. In the gsc act congress initially specified Affordable Housing goals of 30 of mortgage purposes. That goal i
We thank the witnesses for being here and it seems to have developed among some of the members that the costs of some of these regulations and the red tape thats resulted from these regulations, a lot of that has been testified to by mr. Wilson. A lot of it is either not real or either not real or if it is real its not having an impact or not significant. In fact, it seems that were heralding that this is a good bill because wall street has hit alltime highs. And i would suggest that may be true but it does not properly reflect the overall economy and the reality that the folks i represent are feeling. And i represent virginias fifth district, a rural district. 23 counties and cities. Mostly main street america. Weve had in the last six years unemployment in parts of our district as high as 20 . North of 20 . Theres still localities in our district where we have unemployment almost as high as 10 . Our economy is struggling and we need jobs and we need to capital. We had access to capit