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Wall Street Journal: CFPB is an ‘offense to constitutional governance’

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Mortgage Professional America | 27 Apr 2016, 09:01 AM Agree 0
The nation’s top financial newspaper says the CFPB’s broad powers make the agency dangerous
  • Jolyn | | 27 Apr 2016, 12:05 PM Agree 0
    Two thumbs up! I totally agree. You can't put that much power in the hands of one person who is accountable to no one.
  • GreatMTG4U | | 27 Apr 2016, 12:14 PM Agree 0
    Hell, lets take a look a the "broad powers" granted to local law enforcement agencies nationwide who's accountibility is govern by themselves and internal affairs offices.
  • Darlena Moore | | 27 Apr 2016, 12:15 PM Agree 0
    I totally agree. No agency.should have that type of power with no oversight and no removal of the one person in charge. To impose those types of fines and then increase them at will is very scary.I am a small independent broker we would have no change to defend ourselves against anything they say or do. Something needs to be done.
  • | | 27 Apr 2016, 01:03 PM Agree 0
    didnt see anything about jail time. When does the lender get that for taking kickbacks?
  • | | 27 Apr 2016, 02:24 PM Agree 0
    Why is it that a conservative Congress (both houses) can stick it to Main Street Americans with little or no oversight, allowing business of all types to profit greatly and avoid fair taxes and ethical behaviors? In the case above, what is the whole story as to increasing the fine for the lender that violated ethics and the law? If Congress has control over the CFPB, does anyone really think or believe that illegal and unethical behaviors by businesses (or politicians) would cease? Look at the illegal and unethical behaviors caught and fined by the CFPB and the FTC then tell me we do not need a strong, independent oversight and regulatory office! It is sad that businesses that practice legal and ethical standards must abide by the same, if restrictive, rules, regulations, and outside controls, but, well, people are what they are and unfortunately need someone to enforce fair and honest behaviors. Look at the record...Mr. Cordray and staff have done a terrific service for Americans...sad to say, even better than our elected officials. My opinions. jer/oh
  • Craig Buck | | 01 May 2016, 05:42 PM Agree 0
    I agree CFPB is a regulatory disaster.

    However, kickbacks have been illegal since 1974. Just because HUD did nothing to enforce RESPA does not mean it went away. CFPB is not putting up with any nonsense and is calling these arrangements what they are, "kickbacks." Joint ventures are anti-competitive and anti-consumer. There is no legitimate business reason for them to exist except to feed another pig at the trough. Private industry has proven itself very creative in skirting the law. It would be best if CFPB completely banned any relationships or payments of any kind among lenders, Realtors, and title companies. Open the market to competition. That will do more to bring down prices and improve service than that stupid Closing Disclosure form.

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