CFPB begins oversight of payday lenders (Cordray starts work today- attacks private student lenders)

Marketwatch ^ | Jan. 5, 2012 | Ronald D. Orol

[HereInTheHeartland]

“And, as an employee of a mortgage broker, I can attest to the choking federal oversight that's been implemented against us for years now.”

Yes, I just had a mortgage customer asking me detailed questions about his 6 page, confusing Good Faith Estimate.

The Good Faith used to be 1 page and easy to explain.

Now; it is almost impossible to explain; and shows extra fees that they won't be paying, but show a “worst case” scenario.
Frustrating...

[Ingtar]

I suspect that ultimately, only the Supreme Court can say. No one will listen to a lower court.

[muawiyah]

This guy is not going to touch anybody who owns a piece of a credit card operation ~ because that would step on Joe Biden's toes, his state being among the most predatory when it comes to allowing banks to screw customers, and even Nancy Pelosi has a major position in VISA.

The whole agency is a smokescreen for the real corruption in the lending industry.

[musicman]

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[pfony1]

BRILLIANT!

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[TheOldLady]

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