Regulation and Enforcement Protect Consumers.

Despite billions of dollars in fines and numerous new regulations, the mortgage industry has still been breaking the law. A new report by the Consumer Financial Protection Bureau details how the industry has continued abusing consumers, and why we need an agency tasked with protecting our rights. According to this report, mortgage servicing companies have been forging paperwork, illegally foreclosing on homes, and even forcing borrowers to sign away their legal rights just to get a loan modification.

These companies are essentially the middle men between banks and borrowers, handling everything from mortgage payments to the foreclosure process, but they haven't been doing their jobs. The CFPB report found that several servicing companies were flat-out incompetent, and others were just ignoring the law. Because of these findings, the CFPB banned these companies from participating in federal mortgage modification programs, and collected millions of dollars for wronged consumers in the second half of last year.

The CFPB's report shows that companies like this cannot be trusted, and that government regulation and enforcement are necessary to protect consumers. Billions in fines, bad press, and even an economic collapse were not enough to stop these companies from preying on Americans, but thankfully the Consumer Financial Protection Bureau is sticking up for us.

Comments

Palindromedary's picture
Palindromedary 8 years 34 weeks ago
#1

I must admit that until I watched him on the RT program I only vaguely remember something about him being the inventor of GNU...but now I see he's quite a progressive activist. And he supports the Green Party. Yay!!!
Stallman's website: http://stallman.org/

Whoa!! I didn't know any of this about Amazon....
http://stallman.org/amazon.html

Or, Skype...
http://stallman.org/skype.html

Or, Apple...
http://stallman.org/apple.html

for instance...Apple is in the censoring business?...they turned down an APP that reports on drones and numbers of people they kill....
http://www.theguardian.com/technology/2012/aug/30/apple-blocks-us-drone-...

And one day, when our government sends out drones and manages to kill your children or grand children...Apple will be in the forefront of censoring it all.

Mark Saulys's picture
Mark Saulys 8 years 34 weeks ago
#2

Alice, I often suspect Kend is a shill, a liar for hire, I mean, I often can not believe anybody can genuinely be that dumb. He must be feigning stupidity. That's why I really lose my temper with him sometimes. It's usually a good idea, though, to not.

Anyway, his logic is easy to take apart.

chuckle8's picture
chuckle8 8 years 34 weeks ago
#3

Pal...ary -- As I like to say Paul Ryan budget for the US $970 billion and Madison Ave budget $600 billion. What chance to we have. Roll back the Reagan tax cuts.

Palindromedary's picture
Palindromedary 8 years 34 weeks ago
#4

chuckle8: People with afluenza are exempt from criminal prosecution while the rest of us go to prison if we committed the same crimes.

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