The Consumer Protection Bureau Promises to Act with "Humility" and "Moderation"

[HomerThompson]

You better hope your case doesn't end up before the Supreme Court, because Judge Neil Gorsuch will be there to take a genteel, blue-blooded power shit in your mouth.

Not all news sources.

I found this story on the top of NPR today, and that is what I linked to in the OP. You know, NPR, that public radio shit that the GOP wants so badly to defund. Hmm... wonder why...

 

[cooks1]

I'm not in the mortgage industry. I'm in the title industry. I'm talking about TRID. We've gone from a simple two page settlement statement to a 5 page closing disclosure followed by a 3 page settlement statement. Banks and title companies all had to switch software. Every transaction now needs a closing protection letter ($75 on a sale). Disclosure of fees like wire, fed ex, etc. needed to be made fixed (even though they aren't fixed) due to the banks disclosures. Well guess what? We're going to charge $80 for closing processing and handling on every deal. You are also doing prelim closing disclosures for every deal. We bumped up our closing fee $50.

And what was this all for? So the consumer could be "better informed at closing". They are still deer in headlights. The 3 day rule doesn't really apply with shitty banks either. They just send out a disclosure that isn't accurate 3 days in advance.

The government is pretty shitty at thinking of practical ways to combat things. A perfect example is how we have to show premiums on the closing disclosure. You don't show the actual fee charged, but you show what the buyer would have paid if they got a loan policy only. Do you think they give a fuck about that? No, all it does is confuse everyone involved. Realtors who have been in the game for years still don't understand it.

The funny thing is that outsiders see the smoke and mirrors and think this is a good thing. I haven't talked to many in the industry that believe the CFPB is doing a great job with TRID. It's been extremely expensive, and the consumer is just as clueless as always.

That's all true it pains me to say. A decent amount of our oversight is obnoxious and pointless. Simultaneously there is so much low hanging fruit of rampant abuse that is just ignored. I would be happy enough if they simultaneously loosened the regs, while simply sending some of the heads of the worst offending entities down the courthouse steps. Not fines- closures.

When the penalty is a trivial fine in the grand scheme, no amount of micromanagement and regulation will deter anyone. But if the penalties of asset seizure, Madoff style imprisonment and corporate death were swiftly and ruthlessly applied to the worst most obvious offenders, companies would find a way to efficiently and effectively self govern.

 

[7437]

You should have required a data security audit be provided to you before allowing any information go to them (and of course avoid any company that uses them). Good luck.

ah yes. should i have my lawyer send them a letter? i suspect they have been collecting data on me without permission. Experian and Transunion too.

 

[Oblivian]

That's all true it pains me to say. A decent amount of our oversight is obnoxious and pointless. Simultaneously there is so much low hanging fruit of rampant abuse that is just ignored. I would be happy enough if they simultaneously loosened the regs, while simply sending some of the heads of the worst offending entities down the courthouse steps. Not fines- closures.

When the penalty is a trivial fine in the grand scheme, no amount of micromanagement and regulation will deter anyone. But if the penalties of asset seizure, Madoff style imprisonment and corporate death were swiftly and ruthlessly applied to the worst most obvious offenders, companies would find a way to efficiently and effectively self govern.

I can't speak so much for the mortgage industry, but I can for the title industry. We are audited once a year by the State and each of our underwriters (we have 2, many companies have more). IMO, a lot of heat should go on the State and the underwriter if these shitty companies are out there and not acting in the consumers best interest. How in the world is that possible with 3+ audits per year? On top of the audits, we are reporting to them every month and one of the underwriters gives us quarterly visits. Instead of having more scrutiny on who can write policies for them, we have consumers paying an additional $75 (closing protection letter) to have coverage in case they are at a shitty title company. Instead of charging consumers expenses we are actually incurring depending on the closing (fed ex fees, wire fees, etc.), "just bundle it and charge everyone to make it easier on the lenders". I can't emphasize enough that the consumer is not winning.

 

[Prutfis]

Rolling back the regulatory power of a seven-year-old agency isn't going to make the sky fall upon our heads.

This agency is just Elizabeth Warren's pet project. Spare me the fake outrage over the idea of a Republican Administration not wanting to fund a Democrats pet project.

It´s almost like there was an unusual situation that warranted the creation of such an agency. Hmm what could it have been?

But don´t worry. With the massive deficit spending. Trump lining his cabinet with GS bankster buddies and removing regulations he is ensuring the bigliest best financial crash next time.

 

[curryjunkie]

Right wing posters "republican s got in cos dems forgot about working class" dems set up agency to.reign in legal loan sharking and banks robbing u blind, " well its just a partisan project, don't get in debt! Bootstraps!!"

 

[Higus]

Have you seen the Obama portraits? Truly terrible imo.

Philistine