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Senate grills Cordray on lack of transparency

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Mortgage Professional America | 13 Nov 2013, 08:00 AM Agree 0
The head of the CFPB was taken to task by Senate committee members Wednesday for the agency's habit of holding closed-door sessions and failing to provide notice for public hearings.
  • Griff | | 13 Nov 2013, 09:23 AM Agree 0
    Tip of the iceberg for an agency with a huge budget that has unlimited power and can and will be bought by the same banks as everyone else in Washington.
  • NoSpinJustTheFacts | | 13 Nov 2013, 10:42 AM Agree 0
    The incompetence of the CFPB is evident 2 fold:
    The rules they have created are bureaucratic; consumers have indicated that they can not even comprehend the complexity - it is void of the simplicity the CFPB was to create. As well, the results have been to crush small businesses. The simplest example is the QM/ATR rule for a 3% cap on points and fees. Their rule will have a different calculation for the 3% based upon if the mortgage is originated by a Broker or a Banker. The exact same terms and exact same cost, one will be nonqualified mortgage (Broker) the other a qualified mortgage (Banker). Thus, creates confusion for consumer eliminating their ability to for a competitive environment. This lack of competition then drives up the cost to consumer as Banker is well aware of the consumer’s lack of opportunity and confusion created by CFPB.

    They have taken the same repulsive tact as IRS, utilizing the lack of clarity in their poorly written rules to make accusations that are unsubstantiated in hopes the accused will capitulate to a settlement. The settlements are vague as to how the money is going to be used to cure the alleged issue- meaning they do not even know who the aggrieved parties are before making the acquisitions and leaving the door open for a slush fund for CFPB’s disbursing to favorite support groups.
  • nowthatsagoodrate | | 13 Nov 2013, 10:59 AM Agree 0
    Fannie and Freddie spent 10x that amount and no one is bitching!
  • NG | | 13 Nov 2013, 02:40 PM Agree 0
    Wow, if they are spending $95 million on a building they don't even own, maybe they should just take the $95 million and go ahead & build that palace he's talking about! Or maybe a large campaign contributor owns the building that they are paying $95 million for rent. Either way, sounds like another example of the fleecing of America to me. Or do they need that big of a building because they plan to hire 10,000 CFPB auditors to try & put everyone out of business?
  • Cathy Brown | | 14 Nov 2013, 09:47 AM Agree 0
    The banking lobbyists have definately bought the CFPB. And as for a new building, I'm sure it will be a dwarfed version of the lobbyists firm's palaces in D.C. If they need money, it should not be granted until the Washington waste and fraud are effectively reduced with the IRS, Medicare, Medicaid amongst others...(and soon to be the biggest fraud pig known as NObamaCare)
  • Tim Stone | | 14 Nov 2013, 03:32 PM Agree 0
    CFPB.. You collect 13.4 million dollars from a lender in penalties but not one dime will be returned to the consumer who you say you are protecting.
  • Viva la Revolucion | | 18 Nov 2013, 10:29 AM Agree 0
    Bureaucracy run amok.
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