Market Analysis: Election Year Drama

*Election Year Drama*
**By Tony Garritano**

***In an election year anything can happen. For example, we have a president that now miraculously supports same-sex marriage and just now decided to change immigration law enforcement through executive order after he himself said a year ago that immigration law could not be changed through executive order. I guess when the economy is in the dumps you have to do some crazy stuff to shore up your base. We’ll just have to see what candidate Romney comes up with on his end. Theatrics aside, the politicians are calling the shots in our space, too. So, what can we do? We have to be prepared. To this end, Interthinx has a series of Washington, D.C., Beltway breakfast forums dedicated to building confidence in the mortgage markets through a renewed focus on data integrity. The inaugural topic of “Reluctance to Reliance: Are We Ready to Be Compliant?” explored how the current political environment shapes policy that impacts the financial industry, the regulatory climate, and the future development of solutions and policies to reduce risk for the residential mortgage markets.

****The panel discussion, moderated by Interthinx Director of Federal Government Accounts Alison Beckner, included the following speakers:

****>> Tony Fratto, partner, Hamilton Place Strategies

****>> Rod Alba, vice president, Mortgage Finance and Senior Regulatory Counsel, American Bankers Association

****>> Tim Rood, partner, The Collingwood Group

****“Together, we can become the antidote for the mortgage fraud, waste, and abuse that threaten the solvency of various government agencies,” said Beckner. “The goal of the forum was to provide information, data analysis, and insight to help agencies conserve federal tax dollars through greater efficiency and data management. With open discussion about the regulatory environment and current challenges, we were able to identify industry best practices to detect loan defects, prevent fraud, and ensure compliance.”

****“Future policies and regulations need to address the demands of two key constituents: borrowers and providers of private capital. Borrowers and prospective borrowers are suffering from a crisis of confidence, and investors are suffering the effects of intolerable uncertainty,” said Tim Rood, partner and managing director for The Collingwood Group.

****Interthinx plans to host future forums in the Washington, D.C., area covering additional material on data integrity, data transparency, regulatory compliance, risk reduction, and strategies to conserve federal tax dollars.

Tony Garritano

Tony Garritano is chairman and founder at PROGRESS in Lending Association. As a speaker Tony has worked hard to inform executives about how technology should be a tool used to further business objectives. For over 10 years he has worked as a journalist, researcher and speaker in the mortgage technology space. Starting this association was the next step for someone like Tony, who has dedicated his career to providing mortgage executives with the information needed to make informed technology decisions. He can be reached via e-mail at