Mortgage Professional America forum is the place for positive industry interaction and welcomes your professional and informed opinion.

CFPB renovation overruns estimate by $120 million

Notify me of new replies via email
Mortgage Professional America | 02 Jul 2014, 12:00 PM Agree 0
The renovation costs for the rented headquarters of the Consumer Financial Protection Bureau have shot up to more than $215 million, according to a report by the Federal Reserve’s inspector general
  • G | | 02 Jul 2014, 12:07 PM Agree 0
    Anyone else watching House of Cards?
    The CFPB can justify spending 1/4 billion dollars on the remodel of a rented building and we cannot charge a processing fee on a brokered mortgage.
  • | | 02 Jul 2014, 12:17 PM Agree 0
    Smells fishy. Ali Babba (of 40 thieves fame) submits ultra low bid to get contract, then doubles the cost?? How can anyone in their right mind justify this? Wake up Congress , that's my (taxpayers) money they are STEALING !!
  • Griff | | 02 Jul 2014, 12:29 PM Agree 0
    We need to stop wasting taxpayer dollars on this agency. They are ill conceived; cannot even operate on the up and up whether it be human resources or renovation. Many employees are cutting their teeth at this agency, having no first hand knowledge of the very industry they are supposed to be policing. All the things we could be doing and spending money on and we are wasting it to cover someone's arse who probably made a bad decision.
  • Disgusted | | 02 Jul 2014, 12:31 PM Agree 0
    You might want to check their pockets.
  • porchdog | | 02 Jul 2014, 12:33 PM
    Deleted by moderator
  • D | | 02 Jul 2014, 12:35 PM Agree 0
    I agree with earlier comment about the processing fee, AND I then why am limited to a 3% compensation cap! Wake up congress. Stop throwing away our hard-earned tax dollars.
  • | | 02 Jul 2014, 12:48 PM Agree 0
    No doubt the plans for the remodel and documentation for approval where housed on a government computer hard drive and can no longer be retrieved. Nobody will be fired, in fact some employees will most likely promoted to other government positions so they can get contain to make impressive contributions to government
  • Maureen | | 02 Jul 2014, 01:07 PM Agree 0
    There HAS to be something we can do...instead of gripe and complain to eachother. We are just speaking to the choir. Seriously, we MUST do something... this corrupt agency is out of control and they hold the keys to our industry and pocketbooks...
  • John Galt | | 02 Jul 2014, 01:48 PM Agree 0
    honestly, pitchforks and torches are about all we have left.. we have an out-of-control leviathan in DC that is covering the country like kudzu...
  • | | 02 Jul 2014, 01:56 PM Agree 0
    I presume that charge wasn't subject to tolerance limits.
  • pissed | | 02 Jul 2014, 03:00 PM Agree 0
    This is another example of the CFPB running there own show . No responsibility or accountability. Nice job Government. But don't let us slip on a banana or we will be find and loose our license . Consumer Protection Finance Bureau Sounds more Like Consumer Fraud Political Bureau
  • Jana | | 08 Jul 2014, 10:35 AM Agree 0
    Wonder if they got an upfront GFE... Know Before You Owe!
  • It'sTheTruth | | 12 Jul 2014, 11:57 AM Agree 0
    "Republicans have cast the project as a misuse of public dollars in a time of tight budgets. “The CFPB is funded by the Federal Reserve, which happens to be taxpayer money,” Hensarling said in a February speech that denounced the renovation. But the Federal Reserve is self-financed, largely with income on securities such as government bonds, so the amount Congress needs to set aside for the office redo is precisely zero." - Bloomberg Businessweek

Post a reply