Mortgage industry insider advises owning up to mistakes

05/3/2011 | Wall Street Journal, The

David Stevens, who was recently named the CEO of the Mortgage Bankers Association, gave a speech at an industry conference this week in which he urged the industry to hold itself accountable for its past mistakes. "Being defensive about intervention into our industry really is not productive," he said. "No longer will we ignore or excuse bad behavior in the industry. Integrity and commitment to safe and sound practices is fundamental to us regaining that trust."

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