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Mortgage credit still too tight – Cordray

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Mortgage Professional America | 11 Mar 2016, 05:37 AM Agree 0
Mortgage credit is still too tight -- but industry fears of regulation were overblown, says the head of the CFPB
  • | | 11 Mar 2016, 11:57 AM Agree 0
    CFPB should be the poster child for a rogue agency. Totally unregulated itself, answering to the Administration only, not to Congress, e.g. the
    PEOPLE. Cordray is interested only in perpetuating himself and his fiefdom
    Congress should restructure or abandon it.
    R Uhl, AZ
  • C Russell, CA | | 11 Mar 2016, 12:08 PM Agree 0
    The CFPB is a consolidation of previously fragmented regulatory oversight by multiple federal agencies. Consumer protection and regulatory enforcement have improved as a result. This has benefitted 'the people'-i.e. individual citizen consumers-immensely.
    Some people, especially those with business interests, prefer a return to the lack of regulation and enforcement that led to the financial crisis, so they can for example push a bad mortgage through the system, make a buck, and leave a mess for someone else to clean up, and for the people-taxpayers- to pay for.
  • Sickotrid Esq. | | 11 Mar 2016, 11:05 PM Agree 0
    What a load of crap. Cordray, please shut your trap - until you've walked in our shoes, you don't know jack. This TRIDisaster is the ABSOLUTELY WORST decision ever made in the history of mortgage lending. Stupid, dumb, expensive, short-sighted, rife with inconsistencies, lack of clarity, a real pain in the tookis - could go on for another paragraph or two. Thanks for turning the mortgage lending industry into a living TRID-fueled hell. The words we want to hear next go something like this: "We are reversing TRID and we are sorry, so very, very, very, very sorry for destroying your industry. Begging your forgiveness." Yeah - I won't hold my breath...
  • John B | | 12 Mar 2016, 12:43 AM Agree 0
    Thanks to the regulations, after the great recession, most retired people have been frozen out of the mortgage market to buy a home. This is because lenders now look primarily to W-2 income to qualify for their mortgages. Having a ton of assets and a 30-40 perfect payment record doesn't help you in the least to qualify for the mortgages but having a ton of assets and a less than perfect payment record can certainly hurt your chances for a mortgage mortgage. If that is better then i look forward to when our screwed up politicians no longer have any W-2 income and have a need for a mortgage. They will then get what they have done to all retired people. No discrimination there, eh? Cordray stinks as does his overspending CFPB Obama executive ordered agency that has absolutely no oversight. Nooooobody likes them.
  • John B | | 12 Mar 2016, 12:44 AM Agree 0
    "30-40 perfect payment record" should be 30-40 years of perfect payment record
  • Unregulated Regulators | | 14 Mar 2016, 08:14 AM Agree 0
    Dear Mr. Cordray,
    How does the CFPB determine fine amounts? Who approves? Who protects the consumers from CFPB? How much has the average cost per mortgage increased to the consumer in order to allow banks to comply with the ridiculous regulatory burden CFPB has imposed? Is the consumer affected by increased costs to cover the "fines" you have extorted from financial institutions? Where is the tracking of how the money CFPB collects from the industry is spent? How does it benefit the consumer to have a non-bank service its mortgage?
  • Regulatory Ron | | 14 Mar 2016, 09:46 AM Agree 0
    The last comment hit the nail on the head. Mr. Russell is right that there is more oversight, but it's damaging, not helping, consumers. Costs are way up for each mortgage. Also, the regulations have ensured that low income borrowers are less likely to get mortgages than they were before. Not necessarily a bad thing, since it was mortgages to these borrowers which helped fuel the recession. However, it's the constituency of the Democrats who cannot get mortgages. When will they wake up and see what's going on - no jobs, no mortgages, rundown cities, but, hey, let's keep voting for the same people anyway! Our parents and grandparents did! Except, at least in those days, people believed in work and capitalism and not so much in handouts. Now that these polices have destroyed families and resulted in incarceration of too many kids, really what is left for these folks to like about what they vote for?
  • Robert Johnson | | 14 Mar 2016, 12:48 PM Agree 0
    Typical politician arrogance. Of course they know more about this and every other business than the people who do it for a living.
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