Crusading Prosecutor Needed
January 16, 2012 by Marcy
Plea negotiations are underway for a big culprit in the mortgage meltdown in Queens County, however, the problem goes far beyond any individual actor. As described in today’s NYT’s, what is needed is a full-throttle investigation into the highest levels of decision making for the reckless lending and heedless securitization by the banks. The call has gone out for Obama to take a leadership position on this inquiry, and create an interagency task force to pursue civil and criminal...
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Cordray Describes Focus of CFPB
January 12, 2012 by Marcy
As reported by the Center for Responsible Lending: Nonbank financial firms will become a primary focus for the agency, including money transfer agencies, credit bureaus, and private mortgage lenders given that nearly 20 million Americans use their services and pay about $7.4 billion in fees annually. Cordray noted, “Many subprime loans during the housing bubble were made by nonbank mortgage brokers. Since most of these businesses are not used to any federal oversight, our new supervision...
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CFPB Welcomes Whistleblower Tips
January 11, 2012 by Marcy
The CFPB welcomes, and expressly protects, whistleblowers who have information about possible violations of Federal consumer financial protection laws. Section 1057 of the Dodd-Frank Act protects employees and their representatives from retaliation for reporting on vendors, contractors, and competitors who may have violated these laws. A recent press release advises:
Knowledgeable sources with information about potential violations of Federal consumer financial laws may email their information...
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Hello world!
January 4, 2012 by chev
Welcome to WordPress. This is your first post. Edit or delete it, then start blogging! Send article as PDF Read More →