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49
GOVERNMENT
PROGRESS
REPORTS
Before you know where you're going, you have to know where you've been. As the nation
begins to conclude its crawl out of the doldrums of the worst financial catastrophe since the
Great Depression and with the Obama administration in its sixth year of attempting to point the
housing market toward a health, it's time to reflect upon the government's ongoing response to
the housing collapse.
As the industry transitions from crisis mode to maintenance and growth, we evaluate the
performance of the major governmental players in the industry. Did the agencies do all that
they could to ensure recovery was swift with as few getting hurt as possible? Are all of these
agencies living up to their calling now? What are the challenges that they face moving forward
and what role do they play in ensuring that a collapse of such magnitude never happens again?
In a vacuum, it would be easy to isolate each individual agency, evaluate them against a
standardized set of defined criteria, and issue a grade based on the number of check marks that
they receive. But it's not that simple. The problems that lead to the housing collapse and that
still face the industry today are complex. The interwoven response and ongoing governmental
regulation are equally complex. To truly evaluate the performance of the major governmental
agencies in their management and regulation of the market would take more time than you, the
enterprising servicing professional, likely have. Luckily, that's what we are here for.
