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Industry leaders warn of CFPB foreclosure rule’s ‘unintended consequences’

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Mortgage Professional America | 05 Aug 2016, 09:20 AM Agree 0
The CFPB announced Thursday that it had finalized new measures designed to expand foreclosure protections – but one industry group is already raising red flags
  • Joe the Lender | | 05 Aug 2016, 02:39 PM Agree 0
    Such bullshit... While no foreclosure is ever good or wanted by anyone... The bottom line is simple. You signed a CONTRACT that says you agree to pay on the 1st day of the month, period. There is no if, and, or but. I'm sorry you got divorced, lost your job, or had a major medical issue. But how is that the lenders fault.

    Lenders take the risk and need to see a reward for the risk. Once the government steps in and makes these assine rules, you will see, and have already seen a pull back from lenders who simply view the rules and regulations no longer worth the risk.

    Be careful what you ask for Elizabeth Warren and the Democrats.
  • DRJ | | 05 Aug 2016, 07:48 PM Agree 0
    Millions of free $300k homes to those with no job, no credit and no integrity-in the interest of fairness and equality and to make home ownership more accessible (Clinton and Frank)! Now this. Skin in the game and on the line if we're going to lend you big bucks, with next to nothin down @ 3%-no brainer. What's next, communism (we all end up poor)?
  • Deena | | 05 Aug 2016, 08:52 PM Agree 0
    Obviously you haven't been paying attention, carry on!
  • Deena | | 05 Aug 2016, 08:55 PM Agree 0
    Oh no wonder "Joe the Lender" hahaha, snazzy name
  • Susan | | 05 Aug 2016, 10:33 PM Agree 0
    Ah yes, the contract. What we now know is nobody signed the contract but us. A legal contract is between 2 parties. Who knew we were going to be sliced and diced? Sold in bits and pieces to various investors. Apply for a refi after the banks have caused a nationwide meltdown. Oh, wait. You are no longer dealing with a bank as you knew a bank to be. The minute you applied for HAMP you became dead meat. Crooks. 10,000,000 households did not stop paying a mortgage. You are either Rick Carver in 99 Homes....or you are brain dead.
  • llanik | | 05 Aug 2016, 10:45 PM Agree 0
    What the heck are you talking about there were never millions of free fact, NO free homes...Pull your head out of the sand.
  • llanik | | 05 Aug 2016, 10:47 PM Agree 0
  • Blu Loony | | 06 Aug 2016, 11:40 AM Agree 0
    Why are we putting so much faith in the CFPB?

    The CFPB truly doesn't have control of the servicing industry. My plight tells the true story of the destruction a servicer can inflict on a person for almost 2 years.

    Please evaluate my problem wholeheartedly.

    At the end of 2014 I requested guidance from Wells Fargo(WF) about my interest rate increase. This simple request has turned into a fight for honesty and having integrity when there’s a mistake. WF has fraudulently destroyed my 800 credit score, discriminated against me, and broken several key mortgage servicing laws. All of the allegations against WF are supported by my documents. I want to hold WF accountable for the indiscretions against me. You may find my story and supporting documents on

    This is happening right now!!!

    The CFPB has just given Wells Fargo a 60 day extension, my time has run out because of the statute of limitations. Please review my new update, I have included my resume to prove I am a real person with a real problem and no one is willing to help.
  • ABBM | | 06 Aug 2016, 06:57 PM Agree 0
    It's not the consumer who they are trying to protect Joe, they are covering their own asses and want lenders to take the cut because they know another FC market is on the way. The Home Ready program is a joke, 12 months from now there will be many FC. They also know that unemployment for all those oil and gas jobs lost last year is coming to an end. People don't have skin in the game (they don't have money) and even if they did it wouldn't make much of a difference if they can't pay due to job loss or can't sell. If you don't have income you can't pay anything no matter what you signed. Maybe you'll be lucky enough to see that first hand some day. Heath issues I can understand but either way borrowers have no reserves for times like those. Most live pay check to pay check. Americans are poor, like you said. I've got a mortgage approved for 110k the realtor called me up and asked me if it was a joke. That's all they qualify for, sorry! Investors know people don't have money that's why you can get over 100%LTV on HARP and 3% down on Fannie, 1% Freddie. UWM has it. Take a look at the guidelines on Home Ready, they do know people don't have money. Every deal on my desk has been very very tight and most who apply do not have the credit or the money.
  • | | 09 Aug 2016, 01:26 PM Agree 0
    I agree with Joe the lender smart smart . Joe should right the laws not government people who know nothing about the mortgage biz. CFPB must be shut down they are bad for our country.
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