The Consumer Financial Protection Board (CFPB) is considering rule changes that might negatively impact consumers. Unless a substantial number of consumers write in with specific comments, there will be further dilution of both the authority of the CFPB and its enforcement of even the most basic aspects of consumer protection.
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Here’s what I wrote:
CFPB rules should use accounting rules as promulgated by the Financial Accounting Standards Board and the American Institute of Certified Public Accountants.
Specifically I refer to two things. (1) Collection of money as revenue is not the collection of a debt which is an asset and (2) debt collectors and putative creditors must be required to provide proof that they are the owner of the debt, to wit: that they have the subject debt reported on their financial statements as an asset and that they have acquired the debt through payment of money or other consideration.
Parties seeking money by self-describing as debt-collectors should be barred from doing so and should incur substantial liability if they are seeking revenue instead of debt collection. If any party seeks to collect money or force the sale of property to obtain money for the sole purpose of generating revenue the CFPB should impose sanctions.
Any party seeking or threatening to foreclose on property pursuant to a security instrument (mortgage or deed of trust) must establish that the security instrument is (a) still legally existent (e.g., not subject to TILA Rescission) and (b) that such claiming party has paid value for the debt and currently owns the debt as its own asset — or, provide proof that it’s acting under specific identified authority from a specific identified third party who has paid value for the debt and currently owns the debt as its own asset.
Filed under: foreclosure |
CFPB is corrupted by Trump swamp. Still good to make our input for when swamp is finally drained.
Oh C’mon Neil! CFPB has no teeth. Any money won in court against the banks for the “Consumer” goes to the Yale/Harvard Attorneys for CFPB (can you say Liz Warren and her appointed attorneys) and us consumers get pennies. Worthless.
Look — attorneys for non bank servicers are blocking complaints to CFPB. Litigation they claim precludes a response. I think that is against the law. But that is what is happening.
No complaint will go through – will go straight to adversary law firm. – with no response. CFPB then closes the complaint. So no upholding of law – even if CFPB changes the law – or tries to enforce current law. It just does not happen. The process is not working. CFPB obliges the law firm and closes the complaint by instruction from non bank servicer law firm. It is the process – not the law – and that is in huge legal error. This is not about changing the law – it about changing the process.
That’s the way it is folks. And, nothing we can do about that. I have been to the very top – nothing I can do about this.
Law firms — law firms – law firms. Marsha, Marsha, Marsha. Lies Lies Lies. Blocked Blocked Blocked. Honestly, when you CAN talk to the servicer reps — they are shockingly honest – but you ain’t getting there if you are in litigation. These employees honestly want to help They are being blocked. Complaint at CFPB being blocked. Will get nowhere – due to law firms. It does not matter if law changes. The PROCESS must change.
Thank Neil – for the great comment.to CFPB. I did comment too – awhile ago. What about the law firms?? What do we do about them? What do we do about blocking of complaints by these law firms to the CFPB???? What do we do about the PROCESS? Much information just concealed because law firms BLOCK.
Thanks.
Go after the clerk’s, and judges bonds, if you dare…
CFPB will continue to do sh_t for the American people. It is nothing but a reconnaissance – to figure out who is who etc. . . . aside of consumer’s reporting their transactions – no one has a clue – they are not interested in protecting consumers but using them to gather intel – the government has no clue where we stand as a nation regarding these criminal actions – using homeowners like bait conducting informal 302s is the only way they can inventory collateral damage to financial entities and government – but no interest in the American consumer’s collateral damages or how they will make them whole.
It is the same old BS again and again and the CFPB is part of our inep government who allows this and is actually a participant for sure. No one knows and the government sure does a great job of covering up and hiding all the facts.
Crooks like Dimon, Moynihan, Jay and others make MILLIONS each year by dreicting the likes of ALL this continuiing corruption and deception!
Funny how people like Munucin work under President Trump after all the millions they milked out of us fellow Americans and Veterans. It is absolutely a shame how the US Government allowed all this to happen.
Yes, the CFPB is a huge farce and was terrible with the last, inept supposed leader.
Really funny have old Nationstar changed their name to “mr. Cooper” for very dubious and suspicious reasons!! Also, as I have said before, take a close look at the leadership of Nationstar/Mr. Cooper that has now gone full circel with the same qluestionable leaders who used to work for – yes you guessed it nasty, crooked, big Bank of America.
Come on people, judges, and attorneys- band together and finally put an end to all this corruption and remendous drain of American Funds!!!
Semper Fi.
CFPB does NOTHING to protect customers.
They are merely an expensive mail carrier alternative to USPS who does not do anything but closes all complaints.
Do you know where are all criminals who laundered trillions of dark money though American Housing market in 2001-2007?
They are all in the SAME business and do the SAME thing – launder dark money for Big Banks though American Housing market.
COUNTRYWIDE is now (1) Bank of America Home Mortgage; (2) Caliber Home Loans, Inc. (3) PennyMac Loan Services; (4) CoreLogic (owns CW’s LandSafe Appraisal )
FREMONT is now is HomeXMortgage who does the SAME thing – Best Non Qualified Mortgage Lender help borrowers with credit issues like foreclosures, bankruptcy, etc. Get non-qualified mortgage with HomeX one of the Fastest Growing Lenders – and we will promptly foreclose.
LPS/DOCX is now A Black Knight Company who pass your data between fake Servicers while your loan payments go straight to Big Banks pockets.
BRIBES and CORRUPTION of all levels of the Government and Regulators.
Ask your Senator to tell about The Big Secret behind 2001- 2007 crisis.
Where Big Banks borrowed $35.00 per $1.00 to fund subprime mortgages which they SOLD to Fannie Mae and Freddie Mac and even insured at taxpayers expense. Which resulted in 31 Trillion baiount
Look at that happened in 1991 in some Big Overseas Country…..
GO BACK! At least 28 years back.
Search for tens of trillions of wealth stolen from citizens of one Country and exchanged for tens of trillions of wealth stolen from citizens of another Country – by both Countries Governments.
because these criminals are doing all the same, with total impunity.