CFPB Hated By Bankers and Beloved by Consumers

The Consumer Financial Protection Bureau (CFPB) is definitely the new kid on the  block, as far as regulators go.  It has some pretty powerful enemies, including the predictable Goldman-Sachs-JPMorganChase-Citibank-BankofAmerica-Wells-Fargo of the too-big-to-fail/too-big-to-jail swagger. When the foreclosure crisis was starting, circa 2008 and 2009, causing apocalyptic shock waves in my state, Arizona, among many others, I […]

TARP Watchdog Report Calls Out Loan Servicers and Treasury for Massive HAMP Failures

The SIGTARP’s latest report to Congress issued July 29, 2015 chastises Treasury for its failure to question and punish loan servicers for their dismal HAMP numbers.  Servicers who participate in HAMP are paid incentives, and are “required to offer HAMP modifications to all eligible homeowners.” Servicers “must follow the HAMP rules” and “Treasury has an […]

Foreclosure News: OCC Will Escheat Funds Designated for Homeowners, OCC Restricts Chase, US Bank, Wells via Amended Consent Orders

The OCC issued a press release today that it plans to escheat uncashed payments from the Independent Foreclosure Review by the end of 2015.  Also, it has imposed restrictions on U.S. Bank, Chase, Wells, and others for not meeting Consent Order requirements, stating, in part: The OCC terminated orders against Bank of America, N.A.; Citibank, […]

A Comparison Study of Prosecution of Bank Fraud vs. Prosecution of Unarmed “Suspects” in America

We have posted extensively on the lack of criminal accountability for the masterminds of the financial crisis, the crisis “profiteers” and engineers.   Save Lee Farkas, former CEO of Taylor, Bean & Whitaker, almost no financial executive has been indicted.  Instead, our “mortgage task forces” have turned to the “street level pushers,” prosecuting borrowers for so-called […]

CFPB’s Action Against Flagstar Bank Included a Benching Remedy

Reuters reports in the Fiscal Times regarding special features of the newest regulatory action taken against Flagstar related to servicing default loans, with the full article here: CFPB has in the past sanctioned mortgage servicers for similar violations, with limited success. This time, in addition to fining the bank $37.5 million (the bulk of which […]

CFPB Takes Action Against Flagstar Bank for Loan Modification Abuses

SEP 29 2014 Prepared Remarks of CFPB Director Richard Cordray on the Flagstar Enforcement Action Press Call BY RICHARD CORDRAY Today the Consumer Financial Protection Bureau is taking its first enforcement action under the Bureau’s new mortgage servicing rules. We are entering an order against Michigan-based Flagstar Bank for violating those rules by failing borrowers […]