"Counsel's Corner: Status Quo Will Prevail in Housing Policy for Foreseeable Future"DS News
Andrew Herman was featured in the Counsel's Corner column in DS News, discussing congressional oversight in the mortgage industry and the government's role in housing. Despite the unpopularity of the Department of Justice's Mortgage Lending Settlements and a hearing held by the House Judiciary Committee Regulatory Reform Subcommittee on February 12, Herman does not anticipate further action in the near future. "When I went back to the Judiciary Committee's website to see if there was any follow-up on the mortgage lending settlement hearing, it's all about immigration now on there. That's really what they're focused on. They only have so much bandwidth," he said.
Herman was not optimistic about the potential for change in policy at the Federal Housing Finance Agency, either. "Even if the House and Senate could agree on some sort of regulatory change, it's just not going to happen," he said. However, Federal Reserve Chair Janet Yellen recently told Congress not to expect "radical" changes to housing rates. "Interest rates are going to stay low, and that's good for people who are looking to sell and buy houses," he added.
Herman said a bipartisan move to implement an inspector general at the Consumer Finance Protection Bureau may also be on the horizon. "It's hard to believe that an agency with that much power and authority over regulatory affairs related to consumers wouldn't have an inspector general," he said.