“One of the CFPB’s big threats is to charge a mortgage lender with Unfair, Deceptive and Abusive Practices (UDAP), yet doesn’t that describe some of their practices? We have no problem at all with regulatory bodies that protect the American public,…

…but the CFPB’s heavy-handedness has that midnight knock-on-the-door feel to it, and Richard Cordray comes across as a modern-day Joe McCarthy.  If we’re going to have a CFPB, let’s have it run by a three-person bipartisan commission rather than a single director. And what do they do with all that money they collect in civil money penalties?  In its annual financial report, the CFPB reported it has distributed only 6.8% of all money collected to victims.  Why isn’t someone investigating this?……Our Client Appreciation Dinner was a big success.  MYYY KXXXX’s talk about the CFPB was both sobering and scary… AAA BBBBB was cool, calm, and collected in describing how the USDOJ tried to collect 200% of his company’s net worth under the False Claims Act (and how they eventually settled for about that 10% of that)….Also at our dinner was MMMM HHHH General Counsel at ABC Mortgage.  At the Forum part of the event, we asked MMMM to stand up and tell everyone how he has grown the Compliance Department there.  MMMM said, “When I got there, the Compliance Department consisted of two people.  Today, I have 25 people working in compliance.” We asked him how big a mortgage company should be to justify having an in-house attorney.  MMMM said that, “By time you get to $1.0 billion in annual originations, you should really have a full-time staff attorney.  Maybe even $500 million.””, Excerpt from November 29, 2015, Mortgage Industry Newsletter

“Who in their right mind would be in today’s over-regulated, largely-nationalized, mortgage business, if they had any other option to make a living?”, Mike Perry, former Chairman and CEO, IndyMac Bank

Posted on December 1, 2015, in Postings. Bookmark the permalink. 1 Comment.

  1. dismal….after seeing what the government did after the last crash, why expose oneself to that level of risk??

    Mark Nelson 3256 Sitio Tortuga Carlsbad, CA 92009 760.473.7558 mnelson.doit@gmail.com

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