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Cordray fires back at CFPB critics

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Mortgage Professional America | 06 Mar 2017, 08:15 AM Agree 0
The director of the CFPB insists that the agency is vital – and that it should remain independent of political influence
  • Roger Ramjet | | 06 Mar 2017, 12:19 PM Agree 0
    Cfpb and Dodd Frank taste leaves a bad taste in your mouth like toilet water
  • The Shark | | 06 Mar 2017, 12:51 PM Agree 0
    This agency is not needed at all. This is simply a money squeezing machine for the government (namely the Obama Administration). It should be totally disbanded and all of its current responsibilities distributed back to the agencies it acquired them from.
  • ArMtgGal | | 06 Mar 2017, 02:13 PM Agree 0
    Most consumers don't even know what CFPB is. And the few I know that have contacted them got ZERO help. The agency is useless.
  • Mortgage man | | 06 Mar 2017, 02:18 PM Agree 0
    Maybe if they actually went after corrupt realtors and mortgage lenders who rape clients with higher rates while pocketing money and or paying for the business in these so called marketing agreements. Our industry will continue to be sleazy as long as these unethical kickbacks remain
  • KAS | | 06 Mar 2017, 06:16 PM Agree 0
    Then do not make a 5 panel board (for example) up of any politicians...surely we have 5 intelligent people who deal with consumer and the lenders, who are ethical, experienced in making mortgages (which I am referring to a mortgage officer - not banks), collection expert, attorney, a fraud auditor, etc - people who have been around the block.

    Mr. Cordray is wet between the ears if he thinks having him as the sole 'Judge' makes the process more vital ( or should I say viable); what about his sole independent, personal and political views. How do we know if he has not passed discriminatory judgments in his decisions - in discrimination against an institution, or a personal dislike for an individual...; what about his own aspirations?

    Hum - perhaps he does not think he could work on a board with 4 other individuals involved in the decisions....

  • steve228 | | 07 Mar 2017, 12:43 PM Agree 0
    Once again the so called conservatives display just how they view the American consumer, sheep to be fleeced. They just can't stand that there is an agency of government who will stand with the consumer. Can't stand that someone keeps them from skinning consumers alive. Never mind that the greed of big banks and mortgage companies nearly bankrupted this country and ruined the lives of millions of Americans. Never mind that we are finally climbing out of a pit nearly as deep as 1929. Take off all controls and let big business grind America under it's feet. What hypocrisy!

  • KAS | | 08 Mar 2017, 09:42 PM Agree 0
    No one is saying to not do protect the consumer. I too am a consumer---of course I want to be protected too!

    But here is the deal, there is a reason for the hard feelings and dislike of the CFPB. Don't just take a big marker
    and mark out all of our faces. Is the consumer really being protected? The victim consumer
    does not think he has been protected...did he get his home back? As a result of CFPB fines, how many consumer-victims received refund towards damages/losses that occurred?

    CFPB is about exorbitant fines to the lenders, mortgages, car mortgages, banks, etc. Lending has been more difficult for business owners, let alone home buyers. Should Mr. Cordray get so much money; where is all that money going? He is reviewed 4 times a year - by his buddies? That is hardly being overseen.

    If you really are about the consumer then rally for something that is a visual help. CFPB is not just jabbing figures at the dishonest big banks and their employees/CEOs...but at the honest small business, and at the honest business people. Cordray does not give warnings and come back to see if you made the corrections like the Department of Corporations did. Fines are occurring not just for crimes, but for mere misunderstanding on procedures with no chance to correct without a fine! Perhaps, Mr. Cordray would like to hold a seminar with clear instructions on all the CFPB rules.

    I deal with a slew of honest hard-working and ethical associates in mortgage lending and real estate . Do not paint us with your marker. We take our consumers best interest at heart.

  • gh | | 15 Mar 2017, 03:28 PM Agree 0
    In quoting one of our investors ." There are numerous police in place but no posted speed limit signs". Give the brokers an opportunity to make a living . Unfortunately having double standards has hurt the person deserving a mortgage or those that can't generate enough revenue to make it worth assisting those who truly need financing options. GET RID OF CORDAY THE CPN AND JUNK THE DODD FRANK. Unfortunately although WARREN AND Others swear this was to protect the public, big banks used this as an avenue to have the Brokers balmed for theie wrongdoings as well as Wall Street. Yet how many went to jail .
  • J.Stevr | | 16 Mar 2017, 04:53 PM Agree 0
    You guys are just part of the greed and corruption , the cfpb was a hope to millions of poor struggling homeowners , PHH is an evil corporation period they put us through the ringer by sticking us in a toxic mortgage ,mat GOD have mercy on your black souls.
  • | | 16 Mar 2017, 05:46 PM Agree 0
    Since it's creation, I still can't think of any reason for the CFPB existence. CFPB is all about the money, money, money. Consumers are NOT protected by the CFPB. Consumers are PUNISHED with higher fees on every mortgage, while the CFPB is taking money from companies in its own interests and NOT CONSUMERS.
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