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Senator calls for investigation of nonbank servicers

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Mortgage Professional America | 22 Oct 2014, 12:31 PM Agree 0
Two U.S. Congress members have requested the GAO look into the risks posed by nonbank mortgage companies, noting the firms are not regulated as strictly as banks.
  • | | 22 Oct 2014, 01:26 PM Agree 0
    I don't recall nonbank mortgage companies taking your bail out money - someone please research who her donors are please - could it be Chase/Mr. Diamond?
  • | | 22 Oct 2014, 01:33 PM Agree 0
    Losers trying to force the OIG into non bank business so they (Warren & Cummings) can further screw up the mortgage industry. Someone explain to them that this business is already over regulated which is why there is so many problems
  • Texas Broker | | 22 Oct 2014, 01:38 PM Agree 0
    She is such a puppet, 6 years ago she went after wholesale when everyone knew it was the banks, now Jaime Dimon starts the chant I can not sleep at night because of nonbank lenders and all of a sudden it is back in the Senate to do list. They are the problem not non bank lenders. Her and her gang of Wall street ---holes who constantly point at everybody but them selves. They committed fraud not the borrowers, originators or wholesalers.
  • Don | | 22 Oct 2014, 01:45 PM Agree 0
    The self important senator warren needs to visit the CFPB website to view whom complaints are being levied against by consumers.. It may open her eyes to the fact that a large percentage of complains have been made against DEPOSITORY lenders.
  • John Easterbrook | | 22 Oct 2014, 01:46 PM Agree 0
    Nonbank lenders are prey to the litigous due to their size - of course they are going to attract more frivolous lawsuits - who wants to go up against B of A, Chase or Wells? I don't think this is cause to victimize the little guy.

    In addition, mortgage mortgage officers that work in nonbanks have much higher standards for education and accountability than mortgage officers that work at the big 3 - they have self-governing exceptions thanks to legislation in Dodd-Frank. To Senator Warren's credit, she has spoken out against self-governing.
  • Cheryl M | | 22 Oct 2014, 01:53 PM Agree 0
    Oh, is sure does smell out there Warren. Your research no. 4 in your letter is quite a find. How is it that Ocwens 2 billion has anything to do with what you think you are trying to accoplish. Speaking out of both sides of your face is all I got from your letter. Speaking of Mr. Diamon...How about the billions of mortgages now be re written and serviced by JP Morgan Chase...Ms Warren you'd might want to get in touch with the States AG offices to get your facts right. THis happened in May of 2014 CHase is re writing billions in their mortgages and govt mortgages they service right now; this all due to your brilliant suggestions on helping those BIG BANKS survive in 08' NOT 2 Billion but 13 billion. AND THAT JUST IN New York (Glad you could see your way out of MA before writing your letter) So as far as non banks and banks servicing mortgages, you need to look harder for your "facts" or higher a better staff of researcher. As I have suggested in the past Ms. Warren, going back to private practice might do you some good. As for you Mr. Cummings, I wrote/cc'd you a 25 page letter to your Financial Committee with a a 15 page daily journal of a consumers 2 year expeirence of obtaining a mortgage modification. Thanks to your no response and a consumer who has a stronger back bone than you...their mortgage was modified (with no help from you or your committee) and on top of that 4 years later thanks to our NYS AG yet another modification of principal reduction (due to poor Bank servicing) is in the works. ALL with no help from your "committee." Mr. Cummings, you are a follower not a leader and your lack of ability and knowledge of this "financial" arena is no longer becoming of your service to your office. Resigning may be an options for you at this time, stepping over a dollar to save a penny is all I see you accomplishing in your financial world.
  • | | 22 Oct 2014, 01:53 PM Agree 0
    oops Dimon not diamond - what keeps me up at night mr Dimon are politicians and big banks
  • Karen | | 22 Oct 2014, 02:00 PM Agree 0
    As with the rest of the government, they are on the outside looking in and really do not have a clue as to what they are talking about or making rules about. If they would just BUTT OUT it would be the best solution for all banks and non-banks. It is time for idiots like these people to either come and actually work in the industry so they would truly know what is going on, or go do some good in an area they have some knowledge in.
  • | | 22 Oct 2014, 02:01 PM Agree 0
    Everytime the government gets involved in the mortgage business, the public gets messed up! Let's recall who took the TARP money to be bailed out; Bank of America, Wells Fargo, etc. Thank goodness for Fannie Mae and Freddie Mac, otherwise nobody would be buying homes.
  • Griff | | 22 Oct 2014, 02:05 PM Agree 0
    Warren just likes to hear herself talk all the while hoping it comes across as her giving a sheet. Those of us in the industry know how ignorant she is of how things really work. She is still blubbering about non banks after she had such a hand in revamping the industry so banks come out on top while consumers are worse off. Consumers should see her for what she is - someone with a big mouth and small mind.

    Cheryl's comments are dead on I'm sure. If there is a real problem none of them are going to step up and help out. Probably because they focus on imaginary problems.
  • | | 22 Oct 2014, 02:21 PM Agree 0
    Soooo, there is the POSSIBILITY that 14-15% of all servicing MIGHT be handled by those dastardly non-bank banks??? Say it ain't so Senator Warren! What a travesty.....
  • | | 22 Oct 2014, 02:50 PM Agree 0
    Wait a minute! You mean the Senate is looking at actually passing legislation rather than continuing the gridlock..... no way. Besides we all know how much safer we are when the government is monitoring us.

  • Marc Savitt | | 22 Oct 2014, 03:05 PM Agree 0
    Warren knows the problems were with the depositories and let’s not forget she was in charge of TARP bailouts. The problem with Warren is she’s starting to believe her own press.
  • | | 22 Oct 2014, 03:47 PM Agree 0
    what smells like shit that is shit?
  • Gary h | | 22 Oct 2014, 03:53 PM Agree 0
    What a bunch of nonsense. Puppet of Jamie Dimon. Seems that Jamie loses market share because brokers are more qualified and do more for theconsumer. A non qualified mortgage is just that. How about they investigate zillow for giving reductions to non licensed parties in strict violation of research to yesterday their preferred lenders. Or theygo after builders for string you have to use their finance company and lawyers if you want extras thrown in order closing fees paid.
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