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Should Cordray be replaced with a commission?

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Mortgage Professional America | 28 Feb 2014, 11:12 AM Agree 0
The House passed a bill Thursday that would eliminate the director of the Consumer Financial Protection Bureau
  • Rebecca | | 28 Feb 2014, 11:55 AM Agree 0
    The whole thing is so ridiculous. It is like they are a rogue agency with the ability to do whatever they want, whenever they want with no accountability and they do need some oversight and should have a board not some director that is way over paid and over zealous with some of the ridiculous things that the agency is doing!
  • Broker4Life | | 28 Feb 2014, 11:56 AM Agree 0
    compensation and benefits average $178,521!!! WOW!! And I'm capped at 3%??? WTH?
  • Gregg | | 28 Feb 2014, 12:03 PM Agree 0
    The House should be replaced
  • Cheryl M | | 28 Feb 2014, 12:12 PM Agree 0
    I don't seem to get it, the CFPB does have accountability. The have board of directors, lawyers, a commission of judges to see to it the CFPB follows the federal laws already put in place to protect the consumer. These aren't new laws people. Up until now no one seem to understand that those law REALLY do exist. We had the FTC, overwhelmed with protecting the consumer nothing ever got done when you filed a complaint. Now we have an agency that protects consumer in the financial world for real and everyone is up in arms. Let me get this right in 2008 everyone was looking for reform in the Financial Industry..."they have to be stopped" "protect the consumer" everyone shouted til they were blue in the we have an agency to do JUST THAT and everyone wants to see them fail. I have had 100% success rate for my mortgage customers and have no complaints with how they are protecting consumers. Credit reports are corrected, false reporting is removed from credit reports, accounting errors from collection companys are resolved asap and my consumers are now able to achieve home ownership because someone is now answering their disputes and complaints. We all know the 3 credit bureaus are not protecting consumers. What's wrong with that. Consumer now have a place to go and a place to get things done and all our elected officials want to end that. Unbelievable...
  • Stan J | | 28 Feb 2014, 12:14 PM Agree 0
    Please, no more czars!
  • Bill | | 28 Feb 2014, 12:14 PM Agree 0
    The House, Greg? What about Harry over in the senate. The man can stand up and tell more "lies" than anyone I've ever seen in such a powerful position and until he loses control of the neck of the senate nothing moves.
  • Kathy M | | 28 Feb 2014, 12:14 PM Agree 0
    It should be a board elected by the people.
  • RON M | | 28 Feb 2014, 12:43 PM Agree 0
  • Tracie | | 28 Feb 2014, 12:51 PM Agree 0
    Honestly, I think anyone in the mortgage industry that's truly invested for the right reasons doesn't see the CFPB as the enemy. Is all the extra 'paper' and hoops fun - no - but once everyone in the industry accepts when consumers are involved there's accountability everyone will prosper. I'm more frustrated with people in the industry that only hear the media sound bites or the gripes between each other and don't do any of their own reading and research. If they did they'd have a different perspective. I'm not happy my role has become more of a compliance officer than I ever preferred but no one is holding a gun to my head - there are other jobs if I don't like it. A sign of a true professional is one that can prosper in any environment!
  • Bob S | | 28 Feb 2014, 12:52 PM Agree 0
    If this doesnt convince you that Cordray's Regime needs to be stripped of its unbridled power, then God help us all!

    Source: 2-26-14 HousingWire magazine and

    In what was either the cheekiest throw down of a gauntlet or else one of the stranger phrasings for a professional in public life in recent memory, the head of the Consumer Financial Protection Bureau declared the CFPB is a “regime (that) will govern the mortgage servicing market – including both the banks and their nonbank competitors – in perpetuity.”

    That was from the prepared remarks of Richard Cordray, director of the CFPB, speaking in Washington on Wednesday to the National Association of Attorneys General.

  • Les | | 28 Feb 2014, 12:55 PM Agree 0
    We, the people, can't afford all these cradle to grave protections and safety nets. At some point people have to be responsible for their own actions. I have been in the mortgage busiess for 40 years and this is the craziest I have ever seen it. When I took an app yrs ago people would tell me what they could afford not me telling them. If their answer fit the guidelines then so be it. I never had problems with people lying about their income to get a mortgage they couldn't afford. We didn't have the CFPB to regulate us, we regulated ourselves.
  • MLO | | 28 Feb 2014, 01:10 PM Agree 0
    There is a fundamental problem/conflict with an agency with governmental/punitive powers funded by a private company (the Federal Reserve) that is supposed to "protect" consumers.
  • PacFore | | 28 Feb 2014, 01:31 PM Agree 0
    Cheryl, it's not about how well you feel things seem to be for you but more about having an agency unaccountable to Congress or anyone else for that matter. No there are no laws or panels that monitor the CFPB, they create their own laws! Just because the Federal Reserve is funding them shouldn't make them immune. I don't understand how even the federal reserve is immune from Congress. "We the people...." are the owners of all and should be answered to as such.
  • Yes, it's obvious. | | 28 Feb 2014, 01:34 PM Agree 0
    There should be a board with representatives from different interests with congressional oversight. Congress makes the laws in this country, not an independent, autonomous department with no oversight. Making laws, enforcing laws, and sentencing by the same department is not the way it's supposed to work. The US is set up to afford checks and balances, this does not follow that basic rule, as if private funding wasn't enough to raise suspicion.
  • Cary Michael | | 28 Feb 2014, 03:36 PM Agree 0
    Power corrupts and absolute power absolutely corrupts.

    No one person should be judge, jury, and executioner.
  • Steven B. Harkness | | 04 Mar 2014, 02:01 PM Agree 0
    Even the President has to answer to somebody, Congress and the voters. That's not the case with Richard Cordray’s Consumer Finance Protection Agency. Congress is the law making arm of government, not this independent, autonomous organization that has been given the power to make the laws as they see fit, enforce the laws at they interpret them, and sentence those they deem as guilty. If that is not a recipe for corruption I don't know what is. This is not the way things are supposed to work in this country. We are supposed to have checks and balances.
  • John Heroff | | 05 Mar 2014, 11:45 AM Agree 0
    have you ever tried to call the CFPB? Try it, the people that answer the phone have no clue what they are talking about and all they do is try and direct you to the website! I submitted a formal question regarding the Qualified Mortgage rule. 4 days, no response! wow, how accountable is that?
  • Jim | | 06 Mar 2014, 12:28 PM Agree 0
    Can we PLEASE stop treating borrowers like they are children who haven't had any formal education? Most people who got a option ARM or sub prime mortgage knew EXACTLY what they were doing.
    The next borrower who uses my GFE to shop for a mortgage will be the first. 99% of all borrowers currently want a 30 year fixed mortgage. Back in the old days I was able to quote a rate, now I quote it depends on your LTV, credit score, etc.
    When are other industries going to be scrutinized like we are? That tradesman who is in my house, has he been finger printed, had a background check? Is it required of him or his employer? If he touches a wrench does he have to be licensed? When will my mechanic have to tell me what he's making on my brake job? If they make a mistake will he be put out of business by punative fines or worse jail?
    And what exactly is Cordray's qualification to run the CFPB? Has he ever worked in any of the industries he now oversees? I couldn't be happier if they desolved this agency today.
  • Broker 4 Life | | 06 Mar 2014, 02:41 PM Agree 0
    Look, I get the intent of the CFPB. I think we all do and we all are used to being regulated in one shape or form. What I don't get is the accounting of this agency. They can spend over $100 Million renovating a building that they don't even own and it doesn't show up on anyone's P & L? Where is their accountability when the CFPB spends money or pays over the top market price for legal services. Don't even get me started on thier out of the box salaries they are paying. Yes, the CFPB needs some sort of accountability. 2 bad it took our law makers this long to see this. But then again, "You have to pass the bill before you can see what's inside the bill". Good luck in Washington, Mark Savitt!!
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