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2 e all did it when we were younger. Take a stone, throw it into a still body of water, and watch the ripples cascade out for what seems like forever. e larger the stone, the larger the ripples and the further they reach. But just how far they reach is largely unpredictable when you toss the stone. It depends on a number of factors. e same can be said for the regulatory reform born of the financial crisis. With most disrupting events, it's impossible to plan for every outcome. Some believe that the unintended consequences of reform were minimal. is month we spoke with Maxine Waters, Democratic Congresswoman from California, ranking member on the House Committee on Financial Services, and unabashed liberal lion. We talked about her perception of the success or failure (spoiler alert: success) of the Obama Administration's approach toward housing regulation and what further steps should be taken to move housing forward. Others believe that the regulatory ripple effect will not be fully understood for years to come. Take third party vendors for example. Increased compliance costs for servicers grab the headlines. But higher compliance costs for servicers also mean high costs for the vendors that serve them. We explore how these vendors are adjusting in "Unsung Heroes Playing the ird Wheel." We also continue our "Success Formulas" series examining the inner workings of some of the industry's most successful companies. In his piece, "Greater than the Sum of its Parts," Scott Morgan takes us inside the looming partnership between Hudson & Marshall and Genesis Auctions. How did it come together and what does it mean for the industry? We want your take as well. Is there something going on in the market that you would like to see covered? Have an idea for a new type of feature? We're all ears, so drop us a line and let us know how we're doing. Send us an email at editor@dsnews.com or follow us on Twitter @ DSNewsDaily and join in on the conversation. Your DS News Editorial Team The Law of Unintended Consequences FROM OUR DESK default servicing | in print and online VOL. 13 NO. 4 No part of this publication may be reproduced without written permission from the publisher. ©2015 REO Publishing LLC All Rights Reserved This publication is intended to provide accurate, authoritative, and detailed information in regard to the subject matter covered. All written materials are disseminated with the understanding that the publisher is not engaged in rendering legal advice or other professional services. Under no circumstance should the information contained herein be relied upon as legal advice as it is designed to be a source of information only. strongly encourages the use of qualified attorneys or other qualified experts with regard to the subject matter covered. does not guarantee the accuracy of the information, and is not liable for any damages, losses, or other detriment that may result from the use of these materials. PUBLISHER EDITOR DESIGN DSNEWS.COM VIDEO EDITOR STAFF WRITERS COPY EDITORS ADVERTISING DS NEWS BLACK BOOK AND LEGAL LEAGUE 100 Mark Hulme Derek Templeton Jonathon Won Jordan Funderburk Krista Franks Brock, Scott Morgan, Brian Honea, Samantha Guzman Alison Rich, Shalene Roberts Robyn Clayton: 214.525.6716 Courtney Coffey: 214.525.6781 Lindsay Wolf: 214.525.6713 Kevin McCrea: 214.525.6756 Jason Myers: 214.525.6760 Suzanne Andresen: 207.443.3314 Kelli Snowgren: 214.525.6786 f o r m e rl y m a g a z i n e Follow DSNewsDaily on CHAIRMAN AND CHIEF CREATIVE OFFICER PRESIDENT AND CHIEF EXECUTIVE OFFICER CHIEF FINANCIAL OFFICER DIRECTOR OF ACCOUNTING DESIGN Mark Hulme Ed Delgado John Harrison Ernest Gillespie Sean Walker Jason Stone Jonathon Won Denis Kashoid