Toll Brothers executive chairman calls new mortgage rules “dumb”
While some home builders are heralding the new federal regulations to ease mortgage-qualification standards, The Wall Street Journal reports that others are not.
One example of a builder who opposes the new regulations is Robert Toll, founder and executive chairman of luxury home builder Toll Brothers Inc., who called the proposed loosening of standards “a really dumb-ass idea” at an Urban Land Institute conference in New York. Toll added, “Why do we want to go do what got us into this problem in the first place?”