Thank you for having me today. Over the past five
years, the Consumer Financial Protection Bureau and the Mortgage Bankers
Association have each been working in our own ways to revive a mortgage
industry that was devastated by the financial crisis. During the run-up to the
crisis, we saw established traditions of responsible lending pushed aside by
predatory actors whose misconduct hurt millions of Americans. It led to
disruptions in the mortgage markets, transmitted through securitization
channels to the broader financial system, which triggered its collapse.