CFPB is Looking Out For Financial Predators Instead of Main Street

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CFPB is Looking Out For Financial Predators Instead of Main Street

CFPB is Looking Out For Financial Predators Instead of Main Street

Better Markets-

To protect Main Street Americans — consumers, investors, homeowners, students, soldiers, retirees and the elderly — from predatory financial behavior and financial instability that can lead to devastating financial crashes like 2008, the Dodd Frank law created the Consumer Financial Protection Bureau (CFPB).  It was designed to be and has been a powerful, independent and effective consumer cop policing the Wall Street beat.

However, in Director Kathy Kraninger’s first major rulemaking, the CFPB is proposing two indefensible changes to the payday lending rule:

1)            Eliminating the “ability to repay” underwriting requirements for extending a payday loan, essentially greenlighting lending to people who do not ability to repay a loan.

2)            Eliminating the “reborrowing limits” by any single borrower, allowing the payday lender to keep lending to the borrower who cannot repay so that they can repay the original loan that they can’t repay.

[BETTER MARKETS]

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One Response to “CFPB is Looking Out For Financial Predators Instead of Main Street”

  1. Charles Reed says:

    Soldier, for the most part, had Dept of VA loans that were guaranteed a HAMP & VA HAMP underwriting and if qualified granted a modification. However, Obama’s word was not his bond and he allowed as many as 50,000 soldiers to lose their homes because the banks refused to process the soldiers’ request.

    The FHA foreclosed on $70 billion of properties during 2009-2010 but Mueller did not investigate why and how the FHA and VA took such losses when the FHA & VA HAMP were developed to solve this issue!

    The Main Street National banks stole from the soldiers and Fed Gov and 9yrs later America is still ignorant or not caring or both. This was about rewriting the debt as FDR did starting in 1933 when he purchased 800,000 loans and refinanced them with an 80% success rate. Compare that with Obama’s zero percent success rate of the VA HAMP! Thanks for your lack of service!

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