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Democrats promise to fight any attempt to oust CFPB director

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Mortgage Professional America | 13 Jan 2017, 08:15 AM Agree 0
Congressional Democrats have let President-elect Donald Trump know that they will fight him if he attempts to replace controversial CFPB director Richard Cordray
  • Tim | | 13 Jan 2017, 11:58 AM Agree 0
    When the Democratic Party have the White House, they can do whatever they want. LOL
  • | | 13 Jan 2017, 12:01 PM Agree 0
    I would like to know, of that 12 Billion how much has actually been returned to the consumer?
  • Ha Ha | | 13 Jan 2017, 01:54 PM Agree 0
    Lenders don't trap anyone in a cycle of debt. Consumers trap themselves in a cycle of overspending. Lenders are a resource to help borrowers who qualify. Consumers can either use that to better themselves or abuse it. As long as consumers qualify, you have to allow them equal rights to credit.
  • Ha Ha | | 13 Jan 2017, 01:58 PM Agree 0
    Lenders are not responsible for repayment of the mortgage nor are they responsible for future circumstances of consumers. If you want to talk about fraud, talk about those lenders that do not abide by the standards for qualifying a borrower for credit, not those that allow everyone equal credit opportunity. Democrats want equal opportunity, but they don't want to mortgage money to someone that may not pay it back. You can't have it both ways. You can't say I've seen you're spending cycle, you've always been in over your head. You either mortgage to everyone that qualifies or you don't. Equal Credit Opportunity.
  • Over Regulated | | 13 Jan 2017, 05:54 PM Agree 0
    I am a lowly mortgage officer, not some big special interest group. He can't get replaced fast enough!
  • KAS | | 23 Jan 2017, 03:01 PM Agree 0
    Of course, 'any attempts to remove Director Cordray from his position are without historical precedent, and intended solely to distract the Director and the Bureau from its important work protecting service members, students and other borrowers from financial predation,” (they wrote).

    We all know (don't we?) that when one man with that kind of power (off-limits power), it is not wise! He becomes big in his own mind and his checks and balances are compromised in judgments, justice, reason...

    Absolutely, there needs to be a structured member panel - this is for the protection of consumers and the businesses alike.
    Mr. Cordray has in the past acted with arrogance which alone should send up 'red alerts'. No public servant should ever only answer to themselves.

    No doubt Director Cordray has 'collected' a lot of money from his audits and investigations and identified perpetrators of the CFPB regulations, but his position has been an outcry from the start. In his position and the amount of the fines, the extent of the investigations, the livelihoods at stake for consumer and business is enormous.

    You know, the court justices review the law and precedent rulings etc. before drawing a judgment; Director Cordray is making his own interpretation of the CFPB- he has no precedent rulings but his own.

    Perhaps he can be a member of a bi-partisan panel or better yet have the panel made up non-political individuals.

    Sidebar, the individuals/group that came up with the idea of the sole 'decision' of one person calling all the shots (as a good idea), keep them out of government and decisions.
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