Welcome to DU!
The truly grassroots left-of-center political community where regular people, not algorithms, drive the discussions and set the standards.
Join the community:
Create a free account
Support DU (and get rid of ads!):
Become a Star Member
Latest Breaking News
General Discussion
The DU Lounge
All Forums
Issue Forums
Culture Forums
Alliance Forums
Region Forums
Support Forums
Help & Search
Consumer bureau plans overhaul of mortgage industry
Consumer bureau plans overhaul of mortgage industry
By Peter Schroeder
The Consumer Financial Protection Bureau (CFPB) is looking to overhaul the mortgage servicing industry, arguing that the problem-plagued sector is unaccountable and opaque.
The CFPB announced Monday that it was mulling rules to reform that industry, which has been hotly criticized because as foreclosures mounted, so did evidence of shoddy business practices.
“For too long, mortgage servicers have not been held accountable to their customers, and the result has been profoundly punishing to homeowners in distress," said CFPB Director Richard Cordray. "It’s time to put the ‘service’ back in mortgage servicing.”
Cordray is expected to tout the new initiative at a public event Tuesday.
The new effort represents one of the broadest projects taken on so far by the new bureau, which opened its doors in July after being created by the Dodd-Frank financial reform law, targeting one of the more problematic areas under its jurisdiction.
- more -
http://thehill.com/blogs/on-the-money/banking-financial-institutions/220589-embargoed-consumer-bureau-plans-overhaul-of-mortgage-industry
By Peter Schroeder
The Consumer Financial Protection Bureau (CFPB) is looking to overhaul the mortgage servicing industry, arguing that the problem-plagued sector is unaccountable and opaque.
The CFPB announced Monday that it was mulling rules to reform that industry, which has been hotly criticized because as foreclosures mounted, so did evidence of shoddy business practices.
“For too long, mortgage servicers have not been held accountable to their customers, and the result has been profoundly punishing to homeowners in distress," said CFPB Director Richard Cordray. "It’s time to put the ‘service’ back in mortgage servicing.”
Cordray is expected to tout the new initiative at a public event Tuesday.
The new effort represents one of the broadest projects taken on so far by the new bureau, which opened its doors in July after being created by the Dodd-Frank financial reform law, targeting one of the more problematic areas under its jurisdiction.
- more -
http://thehill.com/blogs/on-the-money/banking-financial-institutions/220589-embargoed-consumer-bureau-plans-overhaul-of-mortgage-industry
2 replies
= new reply since forum marked as read
= new reply since forum marked as read
