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America JPMorgan Chase Goldman Deutsche Bank.
Among those that are name BC the stock's really getting hit tactically horde today and there's more than that on bags are also fresh words today.
From the Fed over Bank of America and what can happen of economic conditions get worse Frank Keating joins this is -- bankers association former governor.
This the first of -- on the on the mortgage situation and governor it's good to have you on here it is the -- Arianna thank you you know we've been through this already but the fact that.
Legally we haven't worked our way through the process here worries you how much when you look at American banks.
As you know anytime you have lawyers anytime you have a threat or a sense of lawsuits.
You have paralysis and fear and that's never good.
I I've got to say is that as a former FBI agent United States attorney and someone who supervised at.
Big chunk of a federal law enforcement establishment.
This is almost ludicrous.
I mean you have -- Fannie and Freddie that couldn't buy enough.
You had ads on television you remember and I do -- no documentation no job no down payment.
That will make you a loan.
And people wonder about the product and the quality of that loan once it sold into the market I mean it was an absurd period in American history.
Obviously the -- limitations is about Iran ran the regulator has to a secure his position -- the whole thing is so sad and so absurd.
Of the three or anniversaries we are talking about coming up on now when Fannie and and Freddie were essentially nationalized.
That we can and the thing coming up -- -- Lehman anniversary after that so we are.
Hitting the statue of limitations but the idea should -- -- -- -- the idea somebody being held responsible though what do what about people who are watching it's a boy.
I'm I'm just angry these banks cassettes -- just this broad sentiment that's out there -- answer.
Board member there is a frenetic.
Desire on the part.
That the Republicans and Democrats Democrats everybody should have a house Republicans remember the opportunity society right homeownership homeownership let's get it up to 70% 75%.
So people that should not have been able to buy a house people would no money no job no down payment.
They were put an -- is there any wonder that many of those loans went south.
The problem is the adults at the table regulators most particularly people buying this stuff and packaging it apparently were -- and a bathroom break.
I mean it is just sad that this a period in American history we went through hopefully we'll clean it out and this is apart and it.
But it's important get it over as quickly as can be so we can get back to business.
You're speaking of getting back to business and speaking of regulation.
Resume -- you have got today was talk about regulation sort of transition take into that now just use your comment that you just made in terms of the regulators being -- a -- break and what have you.
Now here we are three years out you wrote an editorial the Wall Street Journal the other day that essentials has very very difficult to the be a banker in this time where.
You may be your facing over regulation so how do you see you think that it just that the regulators have now gone too far whereas before they're paying no attention.
Remembering the old expression bad facts make bad law that's really pretty true we tend to overreact.
The average bank in America the average community bank can be a be a tough out a billion dollars in last that's not -- -- percent of our members.
But the average -- just 37 employees these regulatory filings are up now well over 4000.
But the number of people regulators.
Existing and new regulator -- now to three regulators per back.
I mean how do you do any thing if you have a policeman standing on the street corner.
Every several feet looking -- you questioning what you're doing.
And that's what worries me -- from a common sense standpoint.
Let there be integrity loans for bankers know their customers.
We're getting information back to that matter who your customer is how long they'd been there if you're not eggs exactly according to this step net tricks in terms of your loan.
Word you're going application and I can improve you.
You know 4000 pages of regulations I mean how many hundreds and hundreds of novels.
And novel less is that and you got to read every word.
One point two to one regulators one bank in Nebraska told me that they had.
To -- -- to responded Dodd-Frank which means and other regulations.
Which means I mean that's like in a manufacturing business.
If more than half of your employees work OSHA compliance people -- -- -- manufactured be out of business yep that's what worries me just the overkill for the sake of trying to satisfy.
The concerns of away.
Our Franchitti -- ahead of the American bank association thank you sir for coming out we appreciate it Yorker thank you -- -- dog was speaking of regulation as we were their moment ago.
Is a big about face job in today from the White House President Obama actually directing his administration to withdraw.
A controversial proposed regulation.
That updates government smog standards -- to do with the EPA the proposed smog standards estimated to cost anywhere between.
Billion dollars depending on how it was structured.
Again from the EPA but the president now saying that should be withdrawn.
Interest and stuff.
Now let's talk about Texas that we know this story about -- -- -- running for president Texas adding more new jobs in the last few years and any other state.
Should the government be taking a page out of the the book of of Texas well we are ready us from the Dallas Federal Reserve's gonna join us more on that in just a moment at that Hewlett-Packard.
Looking to restore consumer confidence is more Begin to question the tech giant's strategy and we will tell you what we're talking about coming up on Fox Business.
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