Cordray Ticks off Achievements to Ticked-off Senators

NationalMortgageNews tells Richard Cordray, the recess-appointed head of the Consumer Financial Protection Bureau (CFPB), made his first appearance on Capitol Hill at a meeting with members of the Senate Banking Committee, some of whom want budget oversight and structural changes to the agency. Cordray says the CFPB is similar to other governmental and banking agencies, and then came out swinging with his list of accomplishments. The CFPB has received over 2,300 complaints regarding foreclosures and loan modifications since the first of the year. Accused companies responded to 88 percent of the complaints and in many cases provided relief. Cordray says in an effort to streamline financial regulations, the agency seeks opinions from both the consumer and the industry perspective. He says the CFPB is actively investigating several problematic mortgage servicing companies, and is filing lawsuits against companies that employ questionable lending and foreclosure practices.

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