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Savitt: CFPB curtailing bill 'a long time coming'

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Mortgage Professional America | 03 Mar 2014, 05:59 AM Agree 0
A recently passed bill that would curtail the power of the Consumer Financial Protection Bureau has been “a long time coming,” said the head of an industry group
  • 2Bsquare | | 03 Mar 2014, 11:48 AM Agree 0
    In total amazement that Dodd Frank will cost the tax payer more money than Obamacare, yet it is just starting to get notice.
  • GoBigDog | | 03 Mar 2014, 11:54 AM Agree 0
    @2Bsquare - You're right, I've never heard that Dodd Frank will cost more than Obamacare. Do you have any links for more information?
  • Cheryl M | | 03 Mar 2014, 12:04 PM Agree 0
    "receive its funding through the congressional appropriations process." LOL and that's worked out so well for the american people...Congress getting involved. So much for consumer protection! This bill is incredible, let's go back to 2008 where everyone was screaming "consumers need protection" "financial industry needs reform".....well here we have it at the CFPB finally an entity that REALLY does protect consumers in the financial arena now they want to do away with it. Why is it Congress wants to continually screw up consumer protection we've never had it before. The FTC couldn't handle all of it, our local AG offices didn't know what do to with it and now congress wants to help out...so far all they have accomplished is costing the consumer more money. Again, I 've been through the CFPB site dozens of time, they do have accountability. Lawyers who know consumer federal laws, judges, etc...who know more than any of these congressmen and women. These are already federal laws they've been in place for decades the CFPB is only now supporting them for consumers.
  • Pat A | | 03 Mar 2014, 12:09 PM Agree 0
    Cheryl M - you should probably know a little more about a topic before you comment. You sound kinda silly. Just saying.
  • PacFore | | 03 Mar 2014, 12:31 PM Agree 0
    @Pat agreed
  • Cheryl M | | 03 Mar 2014, 12:39 PM Agree 0
    Pat I've been using the cfpb for my consumers for over a year now and have had great success for my mortgage customers. Do you have a customer that resolved a $50,000.00 consumer fraud 2nd mortgage from Wells Fargo and had the CFPB help resolve it within a matter of 72 hours? My customer with help from the CFPB (and fraudulent Wells' screw up) moved into a $329,000 home to celebrate Christmas with his family of 5. So if 50K is silly and 7 referrals from one customer, I'll stay over here with the silly and better know when to comment and when not to...Just saying
  • Cindy Sizemore | | 03 Mar 2014, 12:46 PM Agree 0
    I did not choose your lender your mortgage product or sign your mortgage document. As an appraiser I have a set fee that I determined fort services as a for profit business my fees were once controlled by me just as my clients were. Now my fees and clients are dictated, in order to obtain orders I must follow the rules of the AMC, who also controls when I get paid and how..... I no long own my a profitable business I own one that is failing and in a matter if time it will and I will leave takings valuable experience and knowledge with me..... You can't learn this in a college class room but in everyday experience...... I see how power and money have hijacked the appraisal business claiming to protect consumers yet there is no evidence that the appraisers were the problem..... Again I have a set fee and accountability for the product I produce I did not pick your mortgage officer, your lender, your mortgage product..... I did not make your financial choices I am just being punished for them...... FYI appraises are now required to have a 4 ur degree along with a 2 yr apprenticeship The typical appraisal fee is less then min wage!!!!!
  • mary | | 03 Mar 2014, 12:48 PM Agree 0
    At my own financial detriment; I see first hand the consumer for once has someone looking over them. The monopolies of big affiliated business are dissolving thus opening the door to more competition. my two cents...
  • mmt110 | | 03 Mar 2014, 02:39 PM Agree 0
    There's a big difference in ZERO oversight and having some accountability to Congress. Does the CFPB do some good things? Sure. Do they also do some bad things ($145M renovation to a building they don't own, regulation overkill, grossly anti-broker sentiment because "the DFA didn't say it but really intended it", no small business impact study prior to proposing rules, reworking disclosures to add consumer confusion rather than add clarity). Sure. Accountability is needed for all agencies, especially those with directors who call themselves regimes (The word regime (also "régime", from the original French pronunciation) refers to a set of conditions, most often of a political nature.) How's that for being non-political?
  • Try to keep up. | | 03 Mar 2014, 05:53 PM Agree 0
    Mary, not too long ago the government was pushing 'one stop shops' where service providers 'bundle' or 'package' their fees into one price. It appears government sentiment has suddenly reversed.
  • PATROIT | | 03 Mar 2014, 06:06 PM Agree 0
    CFPB IS UNCONSTITUITIONABLE!!! WHO IS HODLING THEM ACCOUNTABLE? THE PEOPLE AREN’T. SO THEY’RE ABLE TO HOLD LIVELYHOODS ACCOUNTABLE WITH REGUALTATIONS, LAWSUITS, AND FINES. ARE WE IN AMERICA? HYPOCRITICAL? SHOULD WE ALL GET OUR CHECK BOOKS READY AND BOW TO THE CFPB. WE SHOULD ALL JUST KNEEL ON OUR KNEES TO KING CORDRAY SO HE WILL THROW US SOME SCRAPS FROM HIS TABLE. THIS IS AMERICA PEOPLE AND IF OUR FOREFATHERS ASCENDED FROM THEIR GRAVES THEY WOULD BE MORTIFIED OF THIS AGENCY. EVERYONE IN GOVERNMENT INCLUDING THE FEDERAL RESERVE (ABOLISH OR MAKE TRANSPARENT) SHOULD BE MANAGED BY THE PEOPLE FOR THE PEOPLE AND HELD ACCOUNTABLE BY REGISTERED/VERIFIED VOTERS. THANK YOU.
  • KKlovestheravens | | 04 Mar 2014, 12:12 PM Agree 0
    The Patriot is 100% correct! @ Mary- can't tell if you are for or against this, but the Dodd Frank rules and CFPB have had just the opposite effect than what you say, they are actually promoting monopolies for/by the big lenders by their rules and regulations and running smaller brokers and lenders out of business. At this point in time, we are way OVER Legislated in this industry! @ Cheryl- you are all that is WRONG with this country right now, promoting consumer advocacy and advancing the liberal left's "the consumer can do no wrong" agenda. The forefathers set up the structure of our government at every level with a set of checks and balances, this IS what has made our country so successful, and the CFPB has NO one to keep them in check or balance them out on ANY front. How can that be a good thing on any front in any society- 2 words for you- DICTATORSHIP and TYRANNY! The consumer should be held accountable for the decisions they make/made as well. They should not get a free pass, because 95% of those who took interest only, cashout and ARM mortgages KNEW what they were getting into and KNEW they couldn't afford the payments, but they were greedy and didn't care! That's the bottom line. Now you have "Big Brother", the CFPB watching every move that is made and with their hands in everything, not just consumer advocacy. 3 sides to every story Cheryl! Please excuse any typos or grammatical errors in advance...
  • GoBigDog | | 04 Mar 2014, 01:05 PM Agree 0
    Nicely said, sister/brother raven lover...
  • dan mcq | | 12 Mar 2014, 12:59 PM Agree 0
    The point of the cfpb is to protect the consumer. RIGHT? why then is the mortgage app 400 pages long? Why does the consumer get checked double checked triple checked and then checked again? You know why because that's the way the MONEY wants it. That's why. Appraiser guy If you don't like living at poverty wages get out of the industry. The industry will fail and then the government will blame you not the rules. The fact is there is no perfect answer. Oh wait a minute. What if they gave the bail out to the consumer rather than the banks? Then the consumer could have paid off their mortgages and the banks would not have had the to go belly up as George said they were going to. The fact they gave the money to the banks who gambled it away and then put not one CEO in jail speaks volumes as to where OBAMA stands. He stands with the 1%'s That is because he is a 1%er. They made him a millionaire so he has to look out for his peers. He no longer gives a rats arse what happens to you and I. The government is bought and paid for all you have to do is watch the news. Anyone hear anything about that oil spill in that sub division in Georgia anything at all? They actually were able to tell the FAA to stop the news choppers from flying over the oil spill. Why would that happen? OH that's right MONEY!!!!!! Next thing they want is that pipeline to go through an aquifer that supplies 27 million people their only fresh water supply. OBAMA will approve it WATCH! I realize I'm all over the place here I am trying to make a point. You don't have MONEY you don't have SH!t.
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