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CFPB blasted by Congressional committee over ex-members' 'extortion racket'

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Mortgage Professional America | 02 Aug 2013, 08:19 AM Agree 0
A Congressional committee has expressed concern over a business launched by former CFPB employees, with a former White House official dubbing it 'an extortion racket'
  • richard | | 02 Aug 2013, 09:18 AM Agree 0
    And this surprises anybody
    Dodd-Frank went from one extream to the other all started with Bush/Paulson and continues with this administration and as for CFPB they have way to much power.
    Lets remember that few bad mortgage programs and originators are gone.
    Let the good folks in our industry help homeowners and make a fair living doing so
  • Kenny F Powers | | 02 Aug 2013, 09:30 AM Agree 0
    The guys that invented to radar gun are now selling the radar detectors. This is America, if they can prosper from it and aren't breaking the law, so be it.
  • Griff | | 02 Aug 2013, 09:35 AM Agree 0
    There are almost no words to express the further disappointment Washington is to Main Street. I am glad to see this situation brought to the forefront although I have no hope it will change anything. The cfpb has taken up the dodd frank mess and it can only end in situations just like this. The entire agency is overpaid, inexperienced in the areas for which they are writing rules and have the public buffaloed into believing they are the good guys.
  • Jan | | 02 Aug 2013, 10:08 AM Agree 0
    Nothing like the pot calling the kettle black but it is BS.
  • Marc S | | 02 Aug 2013, 10:50 AM Agree 0
    QM and other rules should be immediately suspended pending an investigation.

    NMLS indicates NO MATCH FOUND for Fenway Summer.

  • Jon Kaempfer | | 02 Aug 2013, 11:57 AM Agree 0
    Is there a problem with free enterprise. All the corporations do the same thing, but nobody slaps there hands or is concerned on the 'Hill'. I look forward to have an outlet to help borrowres get into homes. Congress should worry about the budget , passing sensible laws and their retirement benefits, and let the rest of the business world, run what they do best.
  • Jeff Wiley | | 02 Aug 2013, 12:10 PM Agree 0
    Sounds Like the Committee should be looking for a way to get rid of the CFPB and it's policy's . Sounds as if it is already rotting from the inside out and full of corruption.
    Shouldn't be trying so hard to find ways to get rid of mortgage bankers and brokers and looking for REAL ways to protect the consumer not ways to shape policy to line their own pockets. Who is policing the Police??
  • Rick Cunniffe | | 02 Aug 2013, 12:40 PM Agree 0
    This is just another example of the system , (CFPB Dodd Frank ) huting the people its supposed to be helping .Date should be held accountable for passing rules while while CFPB directer that squeeze out so many Americans from home ownership , then opening a private company that will fund these very same people he pushed out of traditional financing
  • Anthony Affatati | | 02 Aug 2013, 02:03 PM Agree 0
    I believe that Sen Henserling statement may be somewhat hypocritical. Staff aides assigned to senatorial offices also leave the employ of the government and work for consultanting firms or start their own and they are intimately involved in enacting or pushing legislation which at times is partisan. The CFPB is attempting to do what RESPA and other agencies involved in oversight have not done since their inception. Protect the consumer by initiating investigation where warranted. What is even better is that it cost the consumer almost nothing since their funding comes partially from the fines they levy. So let Richard Cordray do his job and Sen. Henserling should do his.

  • Ron Aguilar | | 05 Aug 2013, 09:23 AM Agree 0
    just the thought of Dodd-Frank and the CFPB makes me want to puke!
  • Randy Mitchelson | | 16 Aug 2013, 01:02 PM Agree 0
    The private sector has a solution to this problem. It's a called a non-compete contract. I'm sure public sector won't go for it though.
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