Mgmt 520 Essay

830 Words Sep 12th, 2012 4 Pages
State the administrative agency which controls the regulation. Explain why this agency and your proposed regulation interests you (briefly). Will this proposed regulation affect you or the business in which you are working? If so, how?
In the midst of a weakened global economy cause largely by an avoidable housing crisis, financial regulations inevitably have an impact on us all. Decisions made by agencies such as the Department of Treasury, Federal Reserve, Bureau of Consumer Financial Protection, and the Federal Housing Finance Agency have the power to directly impact our daily lives much more than other agencies which is essentially the reason for my interest in such a regulation.
Also, as a young American looking to own a home in
…show more content…
Several additional modifications to the regulation are proposed to include a change to the understood definition of a high risk mortgage. The intent of the modifications to the regulation appears to be to minimize the chance of another economic catastrophe such as the burst of the “housing bubble” of 2007. Many homes were forced into foreclosure bringing down the value of many homes and causing many to exploit/capitalize on others loses.
Write the public comment that you would submit to this proposal. If the proposed regulation deadline has already passed, write the comment you would have submitted. Explain briefly what you wish to accomplish with your comment.
Overall, I have no objections to the proposed changes. The changes are necessary in light of the recent state of the housing market and seem to serve a way to prevent consumers from exploiting credit and credit providers from causing another housing bubble. As a suggestion, I would propose that the appraisers be of a completely separate third party entity to ensure impartiality and an ethical implementation of the changes to the regulation. I would also propose that the creditors be prevented from utilizing the same appraiser multiple times. This will also encourage impartiality and prevent creditors from undermining the intent of the changes of the regulation.
Provide the "deadline" by which the public comment must be made. (If the date has already passed, please provide

Related Documents