Quote: July 28, 2023

“Without significant revisions, this proposal will increase borrowing costs and reduce credit availability for the very consumers and borrowers this administration ostensibly seeks to assist. The large increases in capital standards will likely stunt macroeconomic growth and reduce banks’ participation as single-family and commercial/multifamily lenders, servicers, and providers of warehouse lines and mortgage servicing rights financing.”
–Bob Broeksmit, CMB, President and CEO of the Mortgage Bankers Association, commenting on the interagency proposed rule released Thursday for the final implementation of the Basel III international regulatory framework.