Treasury Secretary Henry Paulson has come out and stated that a regulatory fix is needed to try and cure the credit crisis in the United States.
Paulson laid out proposals on Thursday to try and restore the fate in the mortgage business and try to fix things in the financial sector.
Paulson has put out many recommendations which he worked on along with the President’s Working Group on Financial Markets.
He stated “I believe today’s recommendations put us on the path towards more transparent, better-functioning and better-managed markets.”
The U.S. is in a crisis at the moment in terms of credit.
The credit crisis has spread and continues to get worse.
Paulson hopes that these steps will help restore the faith. The biggest call by Paulson is to put in place a stronger state and federal oversight of all mortgage originators and establish a nationwide licensing standard for mortgage brokers.