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Hensarling: Cordray acted ‘unlawfully,’ CFPB is a ‘tyranny’

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Mortgage Professional America | 06 Apr 2017, 08:37 AM Agree 0
The chairman of the House Financial Services Committee didn’t pull any punches when the CFPB director attended a hearing
  • Mary Russell | | 06 Apr 2017, 12:47 PM Agree 0
    Amen brother.... Time for ALL consumers to get a fair shake at lending without costly and cumbersome government regulations!
    Don't they work for us?
    Mer

  • America | | 06 Apr 2017, 01:14 PM Agree 0
    Keep on fighting for the people and thank you Rep Hensarling!
  • | | 06 Apr 2017, 02:15 PM Agree 0
    Did you all not live through 2008?
  • Rofofar | | 06 Apr 2017, 03:04 PM Agree 0
    Spot On!
  • gh | | 06 Apr 2017, 05:42 PM Agree 0
    Those honest middle class owners and brokers were totally shut out. If you want to keep the market honest don't promise the big banks something and put them on an unequal playing field. Didn't the national debt almost increase ten fold. America gets it. Banks were allowed to make hundreds of percent , destroy the real estate market , make it so unprofitable for lower mortgages that no one would help those really need it. Drive out competition wrongfully while the brokers cannot even make a living. Appraisals are controlled by the banks, and they own 49.9% of the companies and the sponsor of the Dodd Frank owns an AMC?? Are we talkng about the same last eight years???
  • KAS | | 06 Apr 2017, 08:59 PM Agree 0
    Thank you, Hensarling! You hit it right on the head !

    There is no consumer protection, no market protection, no protection for the lenders... good luck if you needed a commercial mortgage...and no protection against egregious outright barbaric fines! Close down lenders and banks like Wells Fargo who are repeat offenders..... They know better yet they are continuously excused or some compromise is made 'like community service'...!

    Yes I lived through 2008 AND here we are NOW in 2017! And I am fed up! Why aren't you?
    And many, many of us tried to get heard. But we were shut down. SO 2, 3, 4,.. wrongs do not make a right. If we are to make qualified changes benefiting the consumer including those of us who work in the industry and the market place, then the changes need to be right! The eyes on Dodd Frank were blinded by his comrades and friends who was caught up in Dodd Frank pompous opinions. CFPB clearly does not have consumer's Best Interest at Heart! They really did not search out the answers nor the errors to Dodd Frank thinking.

    Writing rules is not the same as being honest! We in the business, both lenders, mortgage officers, appraisers tried to send in our inputs but we were not heard and doubtful if even read! Quit going to the big banks for the answers - come down the ladder and ask those who work in the trenches and do a mighty fine, ethical, honest business. My business was built on referrals I am proud of the quality business I did and I love my clients and love hearing from them years later! It has not been easy for us small businesses to compete. But some of us
    survived...

    One can not teach honesty/integrity. Wells Fargo does not have these qualities. Only if they are caught do they cry...that is not consumer protection! And the small lender and mortgage broke have been constantly was ignored. The small brokers and lenders is where the integrity is the highest! They have to work damn hard and are the heart of their community.

    Government got it wrong on Dodd Frank/ CFPB
  • | | 07 Apr 2017, 11:15 AM Agree 0
    fire cordray what's taking so damn long.!!! to get rid of him!!! he needs to resign
  • MichiganBob | | 19 Apr 2017, 04:10 PM Agree 0
    Cordray is just working with the cumbersome regs passed by congress. Given what they threw at him, he's done a good job.

    If they don't like the rules, they should repeal them, not blame Cordray.
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