Mortgage broker Jeff Lazerson, a contributing columnist for the Orange County (Calif.) Register, makes the case for a national housing czar.

This new position would replace the secretary of the Department of Housing and Urban Development, empowered to govern housing policy and regulation in all respects.

Lazerson's idea comes on the heels of the U .S. Court of Appeals for the District of Columbia vacating a $109 million penalty that the Consumer Financial Protection Bureau (CFPB) imposed against PHH Mortgage. He writes:

Lenders have complained long and loudly about the CFPB’s regulation by enforcement (rather than clear and upfront policies). And it’s CFPB Director Richard Cordray’s world, we just live in it and pay the fines.

This means more borrowers are denied access to mortgage credit because lenders are underwriting borrowers more conservatively, not wanting to take chances.

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