CFPB’s Top Cop Ready for Action July 1

HousingWire.com reports the top cop for the new Consumer Financial Protection Bureau (CFPB) told a gathering of state attorneys general that mortgage servicers do not do enough for their customers who are in danger of foreclosure and that they need to be more socially responsible.  Created under the Dodd-Frank Act, the CFPB is designed to protect the consumer from unfair business practices, including predatory lending practices.  Head enforcer, former Ohio Attorney General Richard Cordray, says he intends to streamline the enforcement process and mortgage disclosure forms.  As Ohio AG, he sued several large underwriters and recouped $2 billion.  The CFPB is set to swing into action July 1, 2011.  According to the CFPB website, National Consumer Protection Week runs from March 6-12, 2011.

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