This has proven true, I might add, on the underwriting and secondary-market sides of the business, and we are seeing courts reject many of those practices. Appropriately tailored enforcement against these mortgage servicing practices is necessary as one way to rebuild an important sector of the housing market. Accordingly, current deficiencies must be corrected.
What’s more, financial institutions need to understand that they are responsible for assessing the effects their actions will have on consumers and the country as a whole, and factor those considerations into their business decisions.