First Niagara executive VP wary of proposed mortgage reform
First Niagara Financial Group executive G. Gary Berner told a Congressional committee on Thursday that proposed legislation to correct mortgage abuses should be modified so it doesn’t inadvertently hamstring traditional loans to credit- worthy borrowers.
Speaking on behalf of the American Bankers Association trade group, Berner called for lawmakers to be cautious in considering any legislation so as not to cause more harm than good by over-regulating the industry.
He said banks like First Niagara never engaged in subprime or inappropriate lending, and were “part of the solution,” not the problem. And he told lawmakers to encourage a return to old-fashioned and safer banking habits, and to extend such practices, regulations and “duties of care” to everyone, including nonbank lenders, to ensure a fair and level playing field.
via First Niagara executive VP wary of proposed mortgage reform : Business : The Buffalo News.
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