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12 70.com in-depth discussion and analysis of real estate issues nationwide and those issues unique to our area our team of experts includes Joe Sheehan Greg Larson Dame floor Brian Ritter and a great variety of guests the Dakota housing network begins now on super talk 1270 and super talk 12 70.com that welcome to the dakota housing network Joe Sheehan here k for Greg Larson it's the full house it is and we got great well interest rates struggling a little bit today over although some improvement from the Freddie Mac survey but one thing I we know we kind of promoted the show we told people we're gonna have our interview today with Richard Cordray and Heidi Heitkamp yeah we may have you up but we've got some technical difficulties I fault my bed and and we are hope to find out because it was I we did we did get some news out of that um yes with the with the interview and so we hope to find out but in the meantime we'll go ahead and move along with our regularly scheduled format and talk about mortgage interest rates okay and we can do that because we're we're mortgage guys that's what we do we talk about and there are rates and there are rates out there is there are straits and so as the Freddie the Freddie Mac primary mortgage market survey says it down down okay 3.42 on a 30-year fixed-rate mortgage and down for 3.48 and the same with the 15-year 2.72 2.76 and that's pretty gosh darn good I cheated Greg I read that before I came did you yeah i'm sorry i want i wanted the head rise i waited for I'm all atwitter okay come on oh don't don't talk about the winner this week not Twitter the swing moon something of your ad was that I feel so very sorry I do too there's lots of there's lots of things that that there's a lot to ouchie sores out there in the low end you're going you having on Twitter including Trump including yeah this is this is not the algae show this is the show that talks about 3.42 interest rate yes okay freeze it I'm flutter flutter okay all right I'm all okay so no I let's go ahead and get to the mortgage market guide a review of the market like I said you know currently on oil prices getting good news out of a potential deal uremia which is actually impacting interest rates for the worst because it's giving a positive boost to the market so let's see what Bill Bodnar and the boys have to say at the mortgage market guide mortgage bonds continue to drift lower after yesterday's surprise OPEC announcement where a deal may be struck to cut oil production the news quickly shocked the markets with oil prices of stocks reversing sharply higher at the expense of bonds as we said in our update and subsequent alert to lock yesterday mortgage bonds are training within a few basis points of resistance at a multi-year hi Multi multi multi year high oh boy what do you even do with that since 2008 put a radio voice multi your high Oh ty what is it multi-year I know making them right for the reversal lower the oil cut headlines provided the external shock to knock bonds off their perch like the brexit announcement the oil story is far from over and we are supposed to hear the details of the plan at the next OPEC meeting in Rio member whatever happened to brexit did it die didn't I all was what I was like you know that was all I don't hear anything about it was out the last adoptee from Angelina from the branch ave been Brad jolina cuz that's what that was all about a brexit that was all about the names are so you know I still come from an era where people are named Joe yeah so Bob so excited I I hear something headlines as like brecks at night I think it's just some slogan for this no this crew in here today we got Joe Jim Greg and Dave good I'm anymore do you know what era we come from that's right Angeles action right here boy and from what part of the country we come from yep so uh it breaks it you really didn't do oh oh yeah Jim's give us a thumbs up okay found we found the hole no word no flutter right now we're now or a flutter okay we are a flat okay anyway let's continue so yeah what happened the brexit with man BAM didn't have impacted and now we got it's kind of like why gave us great interest rates didn't happen it gave us great interest rates but now OPEC is a like well we think will cut the production next month but you know what I read was actually it was they're gonna they put a cap on the number which is actually higher than it was before and I ran in some other country are exempt from it because they're just getting started back in the oil business is this is this one of those things is this one of those things like remember when they were cutting the budget by reducing the level of increasing yes yeah that is that is what I got out of that story by impeccable I'm going to lose weight by reducing the rate on which I gain it yes exactly look that's what it is that's what I got here that that's what I got from a story was we're gonna cap production but it's higher than it was two years ago we we all go we lurve in a world that's gone mad okay so Eddie the problem is is when did it ever makes sense I wonder I you now you look you just go back at your like when did it ever make sense so somehow I think that they'll come to anything it's like next month they decide whether they're actually going to implement this cap and then if they don't or even if they do everybody realize well it's really not going to make much difference it's really a Catalan it's really a cap on the level of increasing yeah because you've got because we have unregulated oil supply coming in yeah it's not just all packets Iran it's Russia do whatever they want to do I'm gone so let's let's manufacture a way to keep the oil prices as as non-profit-making as we can for the North Dakota producers yeah let's get them up with more real I think I think we need government regulation it just as cost of a barrel of oil is like $55 yeah that seems fair doesn't it yeah little profit like I like the Holy Smoke you are like the whole idea of just running the world I think life like I like the idea like like we're just like we're a pharmaceutical mental patient we just do everything based on holidays yeah there you go we go okay cuz cuz I mean really this is what its gonna come down to like the market reactions are all really about feelings it is it's like yeah that feels good yeah you know even now that they've analyzed the financial crash and they go back and they find out how many really bad loans we had you know they're really the number of bad loans / it was less than 2% of the loans and women in the population that were bad but it was really about how investors result about it right good so it felt bad so the mo good to regulate the heck out of it there you go so here we are that feels really so hey we're gonna we have to go into the break here in 30 seconds we're coming back with an incredible interview and once a lifetime opportunity to talk with Richard Cordray the director of the CFPB a Heidi Heitkamp we did this in a pre-recorded interview we're going to play it we're going to comment on it because a great interview on what senator Heitkamp did here as well as some of the comments by Richard Cordray and community banking will be back after the break here on the dakota housing network with the it up yeah stuff right now 51 the home for ABC News at the top of the hour is super tucked 1270 and back with the dakota housing network can die it's jay lee Lucis birthday yeah he's 112 fact factoid brought to us by stolen ok Last Man Standing yep yes that's right Mary younger and don't do drugs that's what I teaching you yeah drink a lot very very younger people thought he didn't marry younger when he was no no no no oh I'm saying he made young how old was he when he married his cousin's cousin he was 19 when he married his fourteen-year-old cos he was only 19 ok ok see both are true both are true both are true yeah anyway so that was not totally out of the Rome back you know who's first cousins Jerry Lee Lewis Bailey Mickey Gilley you know who else Jimmy Swaggart that's right oh that's dad I can see Mickey Gilley not so much but give me swagger and during those yeah yeah oh so a also we have this great interview is set this up here's what we got we recorded a interview with Senator Heitkamp Richard cord right now just to give you a little bit of a context for this interview we're gonna play the recording where to interrupt it with commentary Richard Cordray the most powerful man and financial regulatory history in the world and I and I make that claim because this is the largest financial economy in the world and he and he reports to nobody the president sort of noida no no not really he's regulated by the Fed no no he's got an oversight committee no no Congress no no no this man has no essential reporting relational except for this organization or his department is a part of the Federal Reserve yeah buddy that's all with no oversight normally just goes to them and says I need this much money here's what I'm going to do and they say here's the money miss his famous quote is it's good to be the king and he has to know he has to go before Congress like quarterly yet to tell him what he's doing and he's telling him what he does yeah that's it ne ne ne maybe he may be makes a phone call and says janet you should know and actually i think and i think that's just an excuse for the senators and the house represented goes to just make their speeches so so done they can exactly be done and he says okay see you next Nexus Oh setting the stage at that suit was now he's a big dude and we're gonna we're gonna let senator Heitkamp and heard of you explain what she was doing why she brought him here what he was doing and and the most surprising thing about mr. Cordray with all this power with lightning at his fingertips with his seat on Mount Olympus of the financial industry was he has really little voice yeah well he's one of those things very kind expecting so much power to come a really huge sward Kennex yeah but a beard he has a really big gun yeah what in other things for no other things to know about him was his attorney general of Ohio before he got this job plus he was a like a weekly jeopardy champion I know that yes he was on Jeopardy I think he won the whole week you know I remember hearing that yeah bring it up so it very smart man big honor for us to have him on this show we're gonna go to the interview and we will interrupt it for commentary as as we talk about it Morgan we start with the show with just asking them what they were doing in North Dakota here we go welcome to the Dakota housing network I'm the co-host Joe Sheehan and today we have with us here senator Heitkamp from the great state of North Dakota and the director Richard Cordray from the Consumer Financial Protection Bureau and how are you senator Heitkamp I'm doing well thank you for having us on well you recently were able to coordinate a trip to North Dakota and bring maybe the most powerful person in financial regulation in the world to North Dakota what how were you able to do that why did you do that what was the point of the trip to North Dakota with director Cordray well it didn't take a lot of work because director Cordray I think really wants to hear from people on the ground I think a lot of times he spends time sitting in the hot seat at committee hearings but that's not where the most amount of information can get gleaned or learned and so we extended the invitation for director Cordray to come out and meet directly with community bankers to hear their concerns to actually have a dialogue and not have a series of gotchas but but actually talk about this from a very real and practical sense and I think all of the people who attended both the the banker / credit union meeting and the auto dealers were extraordinarily grateful that director Cordray came out and actually sat down and heard their concerns we're going to advance some of the ideas and hopefully we'll be able to see progress being made in terms of continuing the dialogue between regulators and and these institutions that are so critical to rural America clearly you brought him out here to have that conversation what were you hoping would be the outcome for North Dakota and director Cordray at the end of the conversation well I was hoping a prioritization because so often when when we're dealing here with with concerns about regulation all we hear is over regulation over regular and that that really is not helpful to talk in generalities I wanted to get down to very specific examples very direct kind of how will this impact my business and op this right here Jim I just want to take a moment here to comment on the fact that what senator Heitkamp talking about she does deserve a great deal of credit for agree with their disagree with the Republican independent Democrat however you feel about it um you know we're a state of 700,000 people and and and and in relationship to where we're at you know you think about that that's not even one-third really the size of Minneapolis proper yet stays like New York they're 14 million and to get somebody like corduroy out here to a population where quite honestly he can have an impact with the with the with the pen stroke and a lot much larger area which we have a lot more impact on a lot more people in one right they it does give her a lot of credit for wielding her influence on behalf of North Dakota to bring somebody out here to actually hear the voice of North Dakotans and I want to point out what a big deal that is and she does deserve credit for that and on the other part of it her asking for real specifics from the bankers versus just the the cry of over-regulation to what it was it was really another thing that that despite where you're at in your political views is very important and I hope that the bankers that were at this meeting really took advantage of it and really did give specifics because it's a big deal to put specifics in front of somebody like corduroy who can actually make decisions and change how things work no and in kudos team for coming out and agreeing to come out to a small state like North Dakota but I think he probably realized that you know this is where real when we were talking small town community bangs this is what you're talking about here you can take what we have problems with now goes down yeah and it works in whether it's Iowa small town Nebraska small town California you know there's a lot of rural areas and as big as those states are there's a lot of towns of 400 500 600 there just next to other towns of violence under Delaware my home state not that different about that different at all yeah so so great job by Senator Heitkamp getting that out here giving us a chance to be the voice for small town community for rural America and we'll go ahead and go back to the interview not saying that we had a meeting of the minds but we had a conversation which is more than what you can frequently have in Washington DC and director Cordray welcome to the show how are you today great to be with you how much Coogan and nellis soup did senator Heitkamp have to bargain with to get you to come to North Dakota well it wasn't difficult because the senator Heitkamp is somebody I considered to be a practical problem solver see some of that greatly respect she and I both had served at one time or another as Attorney General's of our state when she said that it would be great for me to come and have a chance to sit down with bankers credit union leaders and auto dealers in particular in North Dakota I was I was glad to have the chance to do it it's just a matter of arranging the schedules and we learned a lot while we were there son or high camp as you watch the community bankers and car dealerships and engage director Cordray what did you learn what surprised you in the trip out here I don't know that anything really surprised me I think that that day that we we had the meeting there was a report talking about the difficulty of banks under a hundred million there were well-represented banks there under a hundred million and that that's kind of the pressure point thing was also an opportunity to try and figure out how the banks North Dakota is playing a role to bridge some of these concern
and I think for the bankers it was a way to look someone in the eye we're going to pause the interview there we're going to go to the break and when we come back we'll continue on with Senator Heitkamp talking about and we'll give a little commentary on banks under 100 million and just how that reflects North Dakota and what the problems are in the banking industry then we'll let will go back to her comments on that in interviewing and director Cordray here on the Dakota housing network after the break more with Senator Heitkamp an interview with director Richard Cordray the most powerful man in financial regulation in the world right now 51 Dave Ramsey is heard here super talk 1270 as we come back to the quad Roy Heitkamp interview uh Dave you have some more trivia ordering ok he was an undefeated five-time champion on Jeopardy in 1987 he won 45 thousand dollars he used it to pay law school debt paid taxes and to buy a used car he was not able to participate in the tournament super jeopardy tournament champions because he was running for public office in 1990 but he did compete on the battle of the decades tournament appearing in the show that aired february2014 but finished second to aerospace consultant Tom Nozick he did have to turn down the five thousand dollar consolation money because he was a federal employee and in 1996 he carried the Olympic flame through Finley Ohio as part of the 96 Olympics that were in Atlanta Georgia well now I understand yeah he shouldn't report to the president you shouldn't Jersey champion is he was I with that resume jeopardy champion and torch carrier let's get let's continue and it goes in the sticks with our theme that of what this show is yeah is it still three dumb guys interview there you go this fits in probably a Rotarian hey papi y de we don't talk religion on this show okay now boy we really nailed it on that three dumb guys asking blushes on this one didn't work alright well back to our interview senator Heitkamp talking about small banks and just so folks understand what the size of a bank is she's talking about banks underneath 100 million folks that is an endangered species thanks underneath the hundred million actually banks underneath 500 million are becoming a an endangered species those are the banks where you walk in and that bank presents are still making decisions personally for people that they're borrowing to they're the kind of banks that that are in small communities of under a thousand under 5,000 those banks are becoming increasingly an endangered species the new magic number when we start looking at size and scale to really function and and be able to operate in this regulatory environment is a bank and be able to compete for us customers really has become closer to a billion if you're under a billion it's really different difficult to have the size and scale you need to be able to pay the cost of being in banking and compete for customer business and so the banks are talking about folks you know if you're in those small communities one of the things you talk about supporting your community you want those banking bankers there to be able to support and develop your communities you got to support those small banks like that and do business with them because they really are becoming increasingly danger species and it's because of the expense of being in the business so we're gonna go back to that that's what she's about to talk about and that's why it was so important for her to get Cordray out here was to talk to those and I'm glad she says they were well represented in the community doesn't care or that that's not you know one what we're regulating with a big brush stroke and say these are our concerns can you help us and to have I think a fair amount of sympathy being exchanged about how difficult it is to maintain compliance in base that size and and what we can do to be more sympathetic particularly in the rural areas where those relationship banking kind of that relationship banking history has been so critical to the development of our rural communities and so I think what one of the things that drives me crazy in this town is that it's all about that twenty second sound bite or that you know spot on the news where it's all about controversy instead of dialogue and this was really an opportunity for people to number one meet the person but also to have a meaningful I think dialogue on what those challenges our director Cordray and what as you have the conversation with folks here in North Dakota what were the messages you took away and what messages do you feel like you conveyed back to the community bankers and people in finance that you met with so the first thing I would say I agree with the senator it's very different to be able to sit down and have a conversation over 60 or 90 minutes as opposed to the kind of pecado back and forth we often run into in Washington and to hear people tell their stories about what it what it means to lend in rural areas without a lot of wherewithal and to hear the way they tell it and exactly what their challenges are you know is the kind of thing that can't help but affect your thinking and one of the things I'm well aware of and it was reinforced during the trip to North Dakota is there are so many small towns and small collections of residents who depend enormously on their local community bank in order to have a functioning economy in order to have business lending in order to be able to get mortgages and there really is no substitute for that so whatever we can be doing to think about tailoring our rules and regulations such that we can recognize the situation of community banks that did not cause the financial crisis that typically lend in a more responsible way with low defaults and that look out try to work things out to their customers that's an important message for us to here and here exactly the way people saying as they're telling the story of their own institutions and so what were you able to tell them in terms of how your agency is actually gonna be able to support them being able to act and and be that conduit and and in and stimulus in those communities to keep those economies alive and thriving so I think one important thing is many of them engage in mortgage lending and that's been a focus of work by the consumer Bureau and we have learned to tailor our rules so that there are special provisions for smaller creditors most of which were the types of bankers and credit union officials I was hearing from in that room we have revised our definition of what is a rural loan not once not twice but now three times and the last time was in partnership with the Congress to make changes that now makes a state like North Dakota virtually entirely rural and gives people the ability to make loans keep them in portfolio they don't have to worry about your its aspects of our rules they don't have to take on compliance burden at the same level we expect the larger institutions to do this much okay Dave you're in the servicing industry mm-hmm are you aware of this definition of rural loans and and cuz I didn't know what he was talking about to be unless with well it goes back to the the size of you as a lender you know they have the small lender designation and then the rural area I don't think that excludes you know Bismarck Fargo is still not included in that which is almost in grand forks and and sorry might not I so I knowledge if I'm dick I'd have you babe so for example it's time to kill code community bank yeah and I've got I've got it I've got lending that happens I'm out of let's head to headquartered in Mandan yep or bismarck-mandan well but i have a bank and i kept with small towns Hebrew Hebron how did well you're so they're kidding they can they segment out of Hebron loan probably not and they probably don't want to because okay we're going to have we're going to have this process for this area and this one for this area and this one for this area that becomes difficult from a back office work right thing I mean I becomes inefficient because not efficient yeah and I might get you know five loans a year out of a out of a small town like hebron and but majority of businesses is this bismarck so this is something that would only benefit if you're one of these banks it's under hundred million only location was in Hebrew no I have to go back and look because he said you know we've changed it 12 and all three times no I'm not sure what this third one is that he says virtually makes all North Dakota but when you say virtually all North Dakota do you mean geographically repopulation was I that I don't know I got the look I just I just wanted to clarify that but but I guess it's one of these this is one of the frustrations is that here it is sounds like he's listening it sounds like things are actually being done it doesn't sound like the words are falling on deaf ears but it just doesn't transition transition to a practical impact because I don't know anybody can tell me how they're utilizing this definition to benefit their business you know what I think would be nice to have on here is to get those he met with IC BND is to get Barry from ICBM d on the show and say what did he take away from that meeting this is a big great follow-up interview it would be very good um and you know the the lender that's just in rugby North Dakota and that's my market in the third place is the only place going okay definitely rule okay so you think he means that that bank is not going to be subject to any of these rules and can go out and lend now is the bank and rugby actually doing you'll mortgage lending where they're selling it on the secondary market probably not there they're probably doing what they've always done a seven-year balloon but he did say that that was the keys that they can as well they could portfolio these leaking out the other expectations of the sea baby has a larger lenders yeah but I just it be curious to see if that's really impact so with it'd be good to have Barry on and ask him if that really is benefiting small town banks and portfolio and residential real estate without additional requirement and do they know that yeah do they know yeah there's they understand that Asian yeah so I'll get back to the interview and gently all of that was reinforced on the visit and it's part of the kind of in but we are seeking in order to know how to go about our job and do it better one of the things I know when I want to talk to other community bankers as well is that even though you may write rules that exempt the small community banks from it when they when they want to participate in the secondary services offered where they're dependent on the larger banks it's the larger banks that often make them have to comply with the rules so even though they they wouldn't have to pay maybe take on the expense to do that 10-year in-house mortgage if they want to try to help and offer the services of like the 30-year fixed-rate mortgage they are still up against the challenge of the expense to maintain the criteria to stay up with the regulatory requirements because the the larger banks are selling those services off to require it did you get into that we're able to address those concerns at all so I don't know why larger banks would necessarily feel compelled to require that we have written our rules in ways that create special provisions for smaller creditors we intend those to be big provisions that apply to these smaller community banks and credit unions and larger banks don't need to impose any further criteria beyond those but I will tell you one thing I did here and it was unique in North Dakota was what it means to have a state bank of north dakota as you had there at the only state in union that has a statement run bank it is not a bank that competes with the smaller community banks but it's a debate that actually helps and supports them and often does buy mortgages from them once they have made them and completed them that struck me as enormously valuable and it was interesting to see what a collaborative relationship had developed over the last 90 years hundred years between the state bank of north dakota and the smaller community banks and credit unions as well yeah all right what that will pause the interview we're going to go to the break we'll come back in the last segment with the final part of the interview with Richard Cordray and Senator Heitkamp and definitely some commentary on his that he doesn't understand why there were larger banks would feel the need to impose requirements that clearly the CFPB is not requiring from smaller banks again after the break we'll be back with the interview with Richard Cordray and centered I can't right now 57-year sean hannity weekday afternoons on super talk 1270 then welcome back the dakota housing network as we finish our interview as the director Richard Cordray from this consumer financial protection bureau and Senator Heitkamp real quick just a one minute commentary breaking news we got the director of the CFPB on recording saying he doesn't know why larger institutions require smaller institutions to follow rules that they're exempt from because it's it is happening and it's happening all the time I don't wise yep and and and when we knew we know why yeah but he didn't and and that there's no requirement for them to make people that they're servicing follow they're exempt the exempt and in the CFPB's mind are exempt but when we're talking but we're not just talking about the chases the cities that Wells we're also talking about Fannie and Freddie right where our agency the majority the loans are going which goes to show there's a disconnect in Washington between the regulators and the service providers now in terms of how they're treating rural America and community banks so we plan to share this interview with like the motor great community make the national association of realtors it and get that out there so that they can take that interview of God hate the director the main regulator saying he doesn't understand why you guys are making small banks comply with these regulations so go have a conversation with each other yep try to kidnap some stuff let's play the rest of the interview and take this to the final top of the hour for the state it seems and I heard a lot of positive feedback about it as well if i can add just just i'm saying they didn't it's incumbent on us to make sure that everybody understands what the rules are and that if someone says no i can't do this because of this you know the in the example you just gave you know we can't take these and put them into the secondary market because you haven't done the compliance that would have been required by a large bank it's really important that that we have that communication say that's not necessarily true that may be something internal to that large bank organization but that's not a regulatory requirement and so we don't want to create a situation where we're we're opening up the financial markets to the kind of shenanigans that happened in 2008 but by the same token we want things to be value-added not just regulation for regulations sake and not one-size-fits-all and we've been at the the kinds of differentiation between the small community banks and the larger banks one of the things that I repeatedly every you know I repeat consistently to the community banks and the credit unions is that you know don't be the stocking horse for the large institutions don't don't be out there arguing things that are only significant to them let's make sure that we have those delineations and and you see that as kind of a I wouldn't say a chronic problem but we constantly have to roll back and say wait a minute does that mean you know this is this is the difference between how your regulated and how let's say an institution over a billion dollars or ten billion dollars would be regulated and and let's not distort that line and I think sometimes it's in larger institutions to distort that line because there's great sympathy in Washington to the plight of the independent community banks and so that constant job that we have is to is to constantly remind people that that may not be a problem for a small community bank yeah that's good to hear
that community banks need to maybe have conversations and that their support for those delineations in terms of regulatory requirements that certainly could be helpful down the road as one last question here as we run in the last couple minutes and then 0 for director quarter and they'll let you wrap it up senator heitkamp but real quick did did you get into one of the things when I hear when a meeting with community bankers Oliver is the fear just the fear of CFPB and director Cordray did you get a chance to talk about you know whether or not they should or shouldn't be afraid of this the CFPB we did and that's one of the reasons why i thought this visit was so valuable and i was appreciative of Senator Heitkamp bringing us out to look because we could sit down face-to-face no we also often have the bankers they'll come to Washington to talk to their members of Congress and their Senators and when they do we always invite them to come talk to us as well again there's no substitute for that face-to-face discussion and I think that if they can understand better what we're trying to do that we don't always think we know all the right answers that we're trying to understand we're trying to tailor our rules for smaller institutions particularly in rural areas where lending is clearly more difficult and more burdensome thing than in densely populated areas those are exactly the kinds of things we should know and the kind of learning that we should take back to the job we're doing and I would like to think that the chance to sit down and talk back and forth and ask each other questions and hear from each other's point of view both helped us understand one another and and should reduce that anxiety that people have about anything new or anything that seems potentially different only presented night senator Heitkamp your last word well the last word is that we aren't going to fix things you know entirely with one meeting but to simply open up the dialogue and say please understand and and you know I I think sometimes people who are working really really hard on community development which a lot of our community banks think you know if I only get a chance to explain what what I'm doing and I and I find that these kinds of visits are so critical whether it's bringing out the Postmaster General or whether it's bringing out the head of the FDIC to actually create a create a human relationship as opposed to kind of the big bad regulator and the big bad banks you know the none of that really solves the problems that we're in and none of us want to see a repeat of what happened in 2008 but we also want and understand the need for credit and the need for financing especially home mortgage financing and so it'll continue to be a huge priority for us to keep these smaller institutions in the mortgage lending business well director Cordray senator heitkamp we greatly appreciate you coming on the dakota housing network and talking about the visit to North Dakota and the commitment to solving problems and especially serving the rural areas and keeping them strong and robust just thank you again for coming just a couple minutes left here is that interview lines down and just kind of wrap up the show here I think pretty good interview certainly one grade roll one big comment out of Richard Cordray that hopefully can help conversations if you use that recording with some of our representatives and some of our lobbying organizations that can hopefully help maybe get the conversation started with big agencies and big investors helping streamline and find a way for smaller banks to do business now for the services that right now they really can only get from larger and we have to remember he made the point about the bank in North Dakota being here and we told miss that in the housing finance agency is here to where we're able to buy those loans from the banks and the Bank of North Dakota will actually if that small bank will refer somebody them they'll originated it for them and that's just something that a lot of other state has that and that's something to remember is that you know salt Dakota is basically like us they don't have that option I mean it was a huge deal thats it thats makes a difference so Dave's they've looked at it um you know Jim's question will Bank North Dakota work somewhere else other states have looked at it but that's probably not going to happen yeah it's politically and philosophically lots of reasons I don't know if we would I don't know if we could do it again right yeah it was a level but in time we leverage it we leverage it because we got it I don't know if we could do it again yeah uh and that's and that's and that's that is a great point that Dave's making that so really lending here is better rural II than anywhere else because because you'll banking North Dakota's never called me for my QC plan Megan North Dakota has never called me for a resource I know and they trust you yeah and you've never called me for a recertification or quality control plan which are us Joe yes okay just which which which are all requirements for my other investors all my other investors every year I have to do a recertification and it takes a few hours and it's a big stack of paper and have to send in to show that I'm complying with all the rules under Fannie Freddie FHA all the new guidelines under the CFPB liked red and Tula and all these other things and in the local bnd bank in North Dakota and the North Korea Housing Finance Agency don't require me to do all that so think about it if you're in Nebraska if you're in Wyoming you're in Iowa and you're early a throwback to the quality of hometown banking yeah that's being taken away great well thank you for tuning in the da'kel housing network we hope you enjoy your office yeah with it fantastic so watch for the podcast a day or two of director Cordray and and we thank Senator Heitkamp for getting here and arranging the interview we really appreciate our team in her office for putting this together this has been the Dakota housing network on super talk 1270 join us again next Thursday morning at 11am the Dakota housing network is heard weekly right here on super talk 1270 and online at super talk 12 70.com
