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Ted Cruz backs bill to kill CFPB

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Mortgage Professional America | 16 Feb 2017, 08:15 AM Agree 0
Cruz and another Texas Republican don’t want to retool the controversial agency – they want to abolish it entirely
  • Bill S. | | 16 Feb 2017, 11:38 AM Agree 0
    Cruz wants to bring back predatory lenders. His attempt to help small business is an attempt to screw the American public. Ted, just go away, nobody likes you!
  • scared | | 16 Feb 2017, 11:51 AM Agree 1
    The financial collapse was a result of bad mortgage products, not regulations, once mortgage products were brought back to full documenting status proving people could repay their debt, the performance of those mortgages immediately were 100 fold better;
    the regulatory crush that Dodd/Frank caused, putting aside any predatory lending schemes, did very little to assist borrowers with better performance and only added red tape and useless salaries to the process, the country could probably add up all the compliance salaries in lenders officers and pay off the national debt with those monies!!
  • SBHARKNESS | | 16 Feb 2017, 11:54 AM Agree 2
    Bill. S I would like to know what you do for a living? Are you in anyway related to the CFPB? It sure feels like it because the hair on the back of my neck are standing up. Predatory lending was not stopped because of the CFPB. It was stopped by the industry itself with Loan Officer Licensing and background checks. All the CFPB does is cause the homebuyer to feel as if they have been molested. Yes, I said, "Molested!" I have had numerous clients tell me had they known what they had to go through to lower their interest rate they would of stayed with the higher rate. Minorities, especially feel as if they are being put under the microscope and dissected for some reason other than to insure credit worthiness. Then in Jan of 2018 you are forcing us in the mortgage industry to become spies. Your new twenty point data set that you want includes some very personal information to supposedly to insure us lenders are not discriminating.....right! I suggest that this information will be used by BIG BROTHER to monitor the personal lives of the american populace. After all, what better industry to give you every little personal detail about someone's life. That information we collect is for the purpose of determining a prospective borrower's ability to repay a mortgage. NOT TO GIVE YOU "BIG BROTHER" all information about people's private lives so you can monitor them. Ted Cruz...way to go. Push that Bill Through and the President will sign it. The CFPB is an abomination that needs to GO AWAY.
  • FutureIsBright | | 16 Feb 2017, 12:03 PM Agree 0
    Get a life Bill S. Go back to your protests and take your temper tantrum elsewhere because the old hag lost. Nobody likes you! Trump is going to make America Great Again and thanks to people like Ted Cruz that path is being paved. The CFPB NEEDS to be ABOLISHED.
  • | | 16 Feb 2017, 12:26 PM Agree 0
    SBHARNESS - and FutureIsBright - what co's do you work for? I am curious to see what industries you are in, and more about your perspectives...thanks for sharing
  • Sharing info | | 16 Feb 2017, 12:55 PM Agree 0
    The good part of the Dodd-Frank is that it gave homeowners an avenue to stay in their home at a reduced payment and often with some debt forgiveness. However, many of them had to pay taxes on the debt that was forgiven and they were aware their payment would be increased at some point. While not perfect Dodd-Frank has allowed homeowners to stay in their home and in many cases in California their home is now worth more then what their original purchase price was. So good and bad as with most issues.
  • Ambivalent | | 16 Feb 2017, 01:47 PM Agree 0
    TRID and other consumer mortgage regulations have cost time, money and productivity in my business. The CFPB overreached and frustrated industry and consumers to the point of dismay. I'm not a proponent of deregulation in most sectors, especially energy. However, I wouldn't mind seeing the CFPB disappear.
  • | | 16 Feb 2017, 03:20 PM Agree 0
  • | | 22 Feb 2017, 03:22 PM Agree 0
    We don't now, nor have we ever needed a sweeping, super-agency to "fix our problems." Part of the free marketplace is that there is risk and consequences and, certainly, banks have taken great steps in managing risk. History has proven time and again that when the government tries to impose massive reforms, it only hurts the people whom it was meant to protect.

    Certainly, the only thing the CFPB has done is make the [lending] business that much harder and I am not sure how that protects the consumer.

  • FRANK DODD DISASTER | | 22 Feb 2017, 05:04 PM Agree 0
    How many times does a Licensed Mortgage Loan Officer have to explain on a daily basis that there's a guy named FRANK and a guy named DODD and that's why your mortgage is going to take a week longer to close had there not been a FRANK or a DODD? Why is the mortgage industry held responsible for everyone's actions? Didn't most of these borrowers that defaulted on their mortgages go out and get a car mortgage with a higher payment AFTER they had maxed out their maximum debt ratios on their mortgage? I think so. Any accountability there? Any background checks, fingerprints, education & continuing education, licensing for the company & mortgage officer on the Auto Loans? Do the auto lenders have to register with CFPB? Are the debt ratios requirements the same lenders? NO Do the auto lenders do no income verification mortgages? YES
  • John Lasko | | 24 Feb 2017, 12:10 AM Agree 0
    The CFPB has some good points but it places too much of a burden on the rank and file and strangles the small guys in the mortgage business. The meltdown was ignited by the shear greed and stupidity of the CEOs CFO and upper management of the financial institutions. When cleaning ladies can get $720,000 mortgages with no income documentation, its not the fault of the MLO. The CFPB has so many rules and regulations, they are trying to administratively remove the bad judgement of the company leadership. CF{B needs to realize you cant legislate brains.

    I am for keeping everyone honest, but I cannot hire someone like a bank can to originate mortgages. For a broker to hire a mortgage officerm they need to become licensed first, a lengthily and expensive process. A bank can hire someone to originate mortgages tomorrow without the same training and license requirement. They can try, but they should back off on all the exhaustive compliance and testing.

    Licensing is the biggest issue I have with the CFPB and its hurting my ability to find and train good employees.

  • | | 02 Mar 2017, 02:39 PM Agree 0
    being in the industry for over 30 years the CFPB does add some value. I do not know why we, GOP, have to do away with everything such as the CFPB and ObamaCare instead of fixing only the broken parts. It just seems no matter what the DEM's do we just to do away with everything. We spend more time and effort trying just to say we killed a DEM policy instead of making what we have better and being known as that party...we take good ideas and make them better.
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