Posted on 04/10/2012 9:12:01 AM PDT by Oldeconomybuyer
A new U.S. regulator Tuesday had harsh words for banks and other firms at the center of a mortgage-servicing mess involving shoddy record-keeping and foreclosure abuses, proving that fixing widespread problems will be a top priority in the months ahead.
Consumer Financial Protection Bureau Director Richard Cordray, in a speech Tuesday, announced a package of rules the agency is considering that could soon require mortgage servicing firms, led by Wells Fargo & Co. (WFC), Bank of America Corp. (BAC), J.P. Morgan Chase & Co. (JPM) and Citigroup Inc. (C), to reach out aggressively to delinquent borrowers, warn them about coming interest-rate changes and even apply monthly payments the same day.
Still, the forum was mostly a vehicle for Cordray, who has only been director since January, to step back and explain his deep concerns over the mortgage market and lay out reasons for the agency's "common-sense" proposals to overhaul servicing practices.
Not mincing words, Cordray characterized the mortgage-servicing market as one riddled with problems that enabled firms to take advantage of consumers and exacerbate the housing crisis. He ticked off a list of misdeeds in the market, accusing companies of falling short on customer service, investing too little in personnel, moving too slowly to fix errors and taking "short-cuts" that made things far worse for homeowners in trouble.
(Excerpt) Read more at online.wsj.com ...
Another Un-Elected Czar appointed by The Messiah.
When CWII breaks out, I certainly would hope that when it's over, EVERY ONE of those treasonous bastards in THIS Administration is tried and hanged, or drawn-and-quartered publicly.
We need a do-over NOW.
True markets are never "broken" until the gubermint intervenes.
All the horses are out of the barn now, right?
Yes. Just the sheep are left so you may close the doors and commence with the fire..........
He could be one of the reasons the financial stocks are falling this week.
He will do his best to inflict the most damage possible before Nov. 4.
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