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Warren asks CFPB to scrutinize mortgage servicers

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Mortgage Professional America | 12 Apr 2016, 06:30 AM Agree 0
Elizabeth Warren is asking the head of the CFPB to exercise more oversight on nonbank mortgage servicers
  • Amused | | 12 Apr 2016, 11:21 AM Agree 0
    In business classes a few decades from now the students will learn the irony of Mrs. Warrens crusade to "save consumers ". This coo mentor suspects she is just another politician with a large ego and a leaning towards narcissistic personality traits. Her continual actions in attacking the mortgage sector illustrate this irony. Yes, non banks cannot comply with all the regulations. But this isn't for lack of want nor for lack of trying, instead it is due to folks like Mrs. Warren who continue to create unrealistic hurdles for any non bank entity to achieve and be profitable. The irony is that the very banks that created the melt down that lead to the CFPB being created are being given a huge advantage because the non banks or smaller community banks will never gain enough scale to comply and be productive today. This will lead to an exodus of smaller banking platforms and will create a dirty of new entrants. Furthermore, the larger banks due to Basel + regulations have decided to reduce their footprint in mortgages. This will only exacerbate as rates rise and their NIMs widen.
  • Amused | | 12 Apr 2016, 11:23 AM Agree 0
    Sorry meant to say Dirth of new entrants not dirty.
  • Cheryl M | | 12 Apr 2016, 12:40 PM Agree 0
    Perfectly said Amused. It baffles me that these "crusaders" move on from the Bank servicers when those issues have yet to be resolved for consumers. Yesterday's articles show politicians wanting principle reduction and asking the government help....So Warren "leaves us hanging" again. How about going back to the Safe act and having NMLS lic. for all having the same requirements. The playing field never evens out for our Politicians. It's easy to move on and leave things open ended/unfinished. Do they really think we don't notice? I'll say it again...Warren needs to go back to the private sector to Bankruptcy Lawyer...did she leave clients hanging then too?
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