Say Hello to Our New and Already Misguided CFPB. – 07/21/11
Say Hello to Our New and Already Misguided CFPB. Click the post title above to see today’s video! Catch all your real estate news and mortgage news with Frank Garay and Brian Stevens here at www.TBWSDailyShow.com.
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Typical government garbage!
Government IS an unintended consequense. Nobody in their right mind would have put that thing together on purpose. The only thing dependable about it is “they get it wrong every time”.
Elizabeth Warren is left of Obama. She wants to be in charge moving forward, but Obama did not nominate her because she is considered un-confirmable (it’s a word, really).
As long as we focus on turning on the TV to watch what the clowns are doing, they will keep doing it. I have a really nice fish tank and they too continue to entertain me when I turn the lights on to watch them perform.
Are we as a country really expecting anything else?
Have we as a country done anything to force change?
Really?
This should come to no surprise to anyone who is still in the mortgage business or even watches the news. As far as the average consumer it has gotten so confussing to try and get a mortgage they would just assume rent… I mean seriously there are about 45 pages of disclosures that have to be sent before closing. Are you kidding!!! You actually think they understand even 10% of what HAS to be sent. NO – they sign and depend on the Loan Officer to inform them. Where not attorneys if we where would we be doing this for a living. Where just underpaid (thank oyu federal reserve) loan originators. Want even go there!
As for all the changes over the past 5 years now in the mortgage industry, this is just another thing for congress to look busy. Maybe if they would just concentrate on the real probalems facing America like JOBS, Heath Insurance and the overall economey they could actually get something accomplished. Instead of all the bickering back and forth!
Bottom line is…If houses don’t sell then our economey want improve. We dont have jobs houses don’t sell. The American Dream is no longer the American Dream that would be having a job and putting food on the table and keeping a roof over your head and utilites on! In case you haven’t heard congress is looking as eliminating the tax deduction of interest on your mortgage. Means more money for our goverment – another raise and more money into there pension. God bless us all!!!
http://4closurefraud.org/2011/07/15/elizabeth-warren-government-hasnt-sufficiently-probed-foreclosure-abuses-video
Elizabeth Warren is one of the bright spots in this whole economic mess. She was assigned to this letter agency to get her honesty away from the administration. She is outspoken and always speaks on behalf of the citizen’s interest. She is therefore dangerous to both parties. She saw the assignment for what it is and moved out.
How many of us have read the Dodd-Frank bill? (2000+pages) Does it really hand over to the FED decision making power for every financial transaction in the U.S.? With the fate of your local savings and loan in the hands of the FED, how long do you believe that you will have access to moderately priced banking facilities?
When the president gains the authority to appoint the members of the FED board, where will the republic be? How much of QE2 funds is held by foreign banks? 100%?
Is the answer a return to the greenback? Is the answer to repay the interest bearing federal debt with non interest-bearing greenbacks? Is the answer to permit every sovereign nation to print its own money and tie the value to a basket of commodities?
Is the present national debt unsustainable?
Rant over ….back to normal doings!
BTW what happened to the video response? It ceased to function on this puter.
Well said blackadder. At least you have something to say that is reasoned and thoughtful compared to some of the other messages in this thread.
My question is to ALL OF YOU. WE ARE TO BLAME FOR LETTING THIS HAPPEN, WHY DO WE TOLERATE IT???
Goverment’s grown too big and out of control,it’s time to take our country back, politicians only care about themselves,and pander to liberal voters who want to live off of the goverment. voters better wake up before it’s too late. They need to become informed and start voting intelligently.
Been reading all of your coments,and totally agree,goverment is too big totally ouy of control and certainly out of touch with the people,at least the people who work and contribute to the well being of the country.We need to start voting intelligently ,and take the country back before it’s too late!!
To Loannetter: As Scott Brown pointed out during a debate which was the turning point of the campaign. It’s not Ted’s old seat; it’s the people of MA seat. We hardly need another democrat in Congress.
Today’s idiocy outdoes yesterday’s. Others above have pointed out that you are criticizing this agency as “misguided” before it even get to do anything. Suggesting that the whole $500M is going revising disclosues is on a par with the nonsense that the big business stool pigeons in Congress for whom you obviously vote spew forth. Elizabeth Warren’s name was withdrawn becouse of the opposition of the big banking industry throught their Congrssional whores which does not want oversight. You didn’t even get that one right. I suppose that I will still watch your podcasts for the entertainment value of you making fools of yourselves even if you have nothing to say of benefit to the LO business
Bottom Line: More paperwork means less understanding on the part of consumers. It gives them the illusion of government protection and results in less common sense decisions. It would appear that since the mid 1990′s big banks have been attempting to “eliminate the middle man” – originators. Remember when Norwest Mortgage/Wells Fargo put computers in real estate offices and encouraged loan officers to teach Realtors to input data? Now all the on-line approval programs neglect to respect the old saying “garbage in, garbage out”. As if a self-employed or commissioned borrower can calculate underwriter-acceptable income, these approvals end up clogging the system with unqualified buyers, wasting everyone’s time.
OK. Let me get this straight. The bureau officially starts today, and should be fully functional by Jan 2012. They have started work on the GFE & TILA disclosures already, prior to official launch. Elizabeth Warren has always stated that she wants to reduce the amount of paperwork involved in the mortgage process (and credit cards etc), and make disclosures clearer for consumers. Why would we be against that? Do we want to be seen as an industry resisting clarity? The people lobbying to prevent this are the normal big banks, who are scared that their predatory practises will be exposed. 33% APR credit cards anyone?
As smaller brokers/lenders we should welcome and work with someone in Washington who is not owned by the big financial institutions, because all our elected officials are. Yet, you are launching attacks on day one? What a way to win friends. You are bitching that the bureau will not do anything about mortgagematch.com because it falls outside their remit? Why not lobby to have it included, then you can criticise if they do nothing. If they have no oversight of that product, you might as well complain that DMV is doing nothing about it. Alternatively, you could try to get the NAR to encourage their members not to accept mortgagematch.com as a credible source of pre-qual. THey are so quick to defend the Realtor trademark, maybe we need a Loan Originator trade mark? It is always too easy to be negative, and you are taking that chance when we might finally get to have a voice. Work with people constructively from the start, and you might have your opinions respected. Bitch and take cheap shots, and your credibility (and with it your voice) is gone.
Blackadder4th you are catastrophically scewed. To say we should welcome gov’t is absolutely insane. this thinking mirrors Germans in the 30′s.
If BIGGER government hasn’t helped the economy the past 3 years, do you really think a ‘new’ government agency will be the answer? With all due respect, I think you already know the answer.
It appears that this government can’t wipe itself without forming some half assed commitee. It reminds me of four friends on a show about nothing. And nothing happens!!
Correction sanityplese, your 3 year comment is a little short sighted: Bigger Governement hasn’t helped the economy in the past 80 (!) Years. Goverment has grown Exponentially since the “New Deal” that the grandfather of insidious politicians –FDR, slipped past American voters under the guise of The Great Depression. Prior to the New Deal, federal government had a very limited roll outside of war time actions. The voters of that day DID get involved in elections and did hold the Constitution as a guide and arbiter of the actions of government. Prior to FDR, the State Governments held the power, as our founders intended …that is why it was called a NEW DEAL. It solidified the FEDERAL government in a way that didn’t exist before and continued and strengthen the insurrection to this country that began with the formation of the Federal Reserve under Woodrow Wilson.
One of the greatest economists that the world has ever seen, Milton Freedman, wrote a book about this back in 1962 called Capitalism & Freedom. Not only is this book exceptional in it’s historical record of The Great Depression and the formation of the Fed, it is uncannily Prophetic in it’s predictions back in the ‘60’s of where government and regulation was headed. We are right where he said we would be if Americans of his day, cicra 1962, didn’t put a stop to government intrusion….Unfortunately they didn’t listen, and the media wooed The People to sleep and now here we are.
Well, the government bureaucrats have their claws deep into our pockets and our lives, and NOTHING/NO-ONE is better for it, other than for those in power. With 80 years of PROGRESIVE SOCIALISM in America, Quality of Life is only getting worse for a growing majority of everyone on the PLANET – regardless of race, color, or creed, and will continue to get worse….until the next revolution.
Ok, lets look at the history to use as a guide for the future.
1. TIL – government produced and totally illogical and confusing to the consumer
2. 2010 GFE – went from 1 page with a detailed list of all charges and the borrower signs to 3 pages that nobody understands and borrower does not have to sign.
3. HVCC – went from originator order and appraiser setting fees to higher consumer cost and lower fees to appraiser resulting in lower quality reports. Done to protect the consumer from the big bad banks who were overinflating the values, but who ownes the AMC’s?
4. Credit Score Disclosure – now needed for each beureau pulled
5. Appraisal Notice – If I pay for the appraisal on behalf of consumer and consumer recinds they are still entitled to full refund and copy of the report.
I sent out a disclosure packet from Docmagic today for a conforming deal with joint borrowers and a third borrower. The packet was 71 pages long.
Does it seem like the fed understands how to “simplify” anything? I am all for simplifying the paperwork (as I’m sure every lo is), but it can’t be left to the fed as their track record says otherwise.
Didn’t we do high taxes/high regulation under Jimmy Carter? Didn’t anyone else live through that experience? Political power is a zero sum game. Either the gov’t has more, or the people have more. Right now, the gov’t is sucking up a trillion dollars a year in cash through T-bills that could be going toward investment in new mortgage companies to compete with the big boys, or in developing some other product or service to expand the economy. Raising taxes and regulation doesn’t grow the economy.
Bono Vox – As H.D. Rockefeller said over 80 years ago, “Competition is a Sin”.
Regulations parade as the protector and champion of the consumer and as a hedge against Boom/Bust cycles. The REALITY is – Regulation just makes it to where the Little Guy CAN’T COMPETE with the Big Guy. Capitalism & Freedom allows for the one that can do it better, faster, cheaper than the other guy to get rewarded, handsomely, for their efforts. Well, if you are the big guy, you don’t want someone to come along that is better, faster, cheaper then you. So you are going to pool your resources with other big guys and buy political favor in the form of regulation so no one can knock you off your perch. Capitalism is now being turned into a Four Letter Word in our schools and media. Even though it was Capitalism & Freedom that allowed this country to out shine the world in contributions to industry, arts, medicine, and science. CAN’T HAVE THAT ANYMORE – THAT IS UNFAIR. EVERYONE MUST BE EQUAL.
Equal for Everyone, but those at the top – Why did our leaders exclude themselves from Obamacare if everyone being equal is so great?
Check out this free documentary on YouTube: The Fall of The Republic
Both political parties hold allegiance not to We The People, nor the Constitution that they swore to uphold, but to an oligarchy of super elite psychopaths that hold tremendous wealth. The guys that own the media, the oil companies, the insurance companies, the pharmaceutical companies, the mega banks. I’m not talking about the mom & pop business owners, I’m talking about the companies with global reach, global power. The Super Elite.
Our two party system give the voters an ILLUSION of Choice, when in fact, there is none. Do you want them to take money out of your pocket with their Left hand, or Right hand? Do you want to get SMACKED DOWN with the Right fist, or Left fist?
The Tea Partiers get this on a fundamental level, and that is why THE ESTABLISHMENT has so aggressively turned against them, calling them names and labeling them as bigots. The Tea Party is the Last, Best Hope to a peaceful return to our founding principles. If you want to see America reverse course, then you have to return to TRUE CONSERVATISM. NOT JUST REPUBLICAN. Beware the RINO.
Media, Public Schools, and Hollywood all rail against conservatism and see it as a disease. That is because conservative policies actually work to improve the lives of everyone, so everyone has the FREEDOM to be able to enjoy Life, Liberty, and the Pursuit of Happiness.
IF you can stand on your own, and take care of yourself, you don’t need to be governed.
Blackadder is right on. Complainers aren’t doers. This was the best comment I have seen on this site for a long time. Willy, Sanity & Dive may not see a solution, but old Black does. It is proven by the cheap shots, faux history lessons, and complaining about big government that they put up.
amen. Willie, sanity and dive are the problem–far from the solution.
Very good & informative ‘dialogue’ with Elizabeth Warren in the July issue of
National Mortgage Professional Magazine. Like everything in today’s political climate there is a huge amount of misinformation, knee-jerk reactions, etc. from all sides. If we are to improve things in our industry it needs to be in a thoughtful and reasoned way. Our current system certainly needs improvement and dialogue.
I’m ignoring what she says and I’m looking at what she does. My reactions to her are not knee jerk, they are reasoned out based on the actions of academic intelligensia who have never managed a P&L before, but want to tell us all what is fair and how to live our lives. Ignore her words. Watch her actions.
Way too much misinformation being spewed. Knee-jerk reactions everywhere, from all sides. National Mortgage Professional had a substantive ‘dialogue’ with Elizabeth Warren in the July issue. Very informative. For those of you who wish to make our industry better it is worth a read: http://tinyurl.com/ewarrendialogue
The 150 employees in the CFPB were hired by Elizabeth Warren and includes Mr. Cordray who is already on the job. Hopefully Ms. Warren gets Ted Kennedy’s old seat in Congress and a higher position of influence. Goodness knows we could use a voice in Congress that makes sense.
Speaking of loan disclosures, at what point, if ever, does the borrower see the split of their appraisal fee between the appraisal firm and AMC?
It’s not Ted Kennedy’s seat! It belongs to the people…
So……how’s that hope and change working for you?!?!?!
CFPB; just the next group of inept federal “overseers” without a clue.
Just like the recent auditors who wanted one of my bank mortgage customers to foreclose ON A PERFORMING LOAN!
Customer has never been late or missed a payment.
It’s no longer an audit, it’s an agenda execution.
Tyranny.
Boyd, you see it for what it really is.
http://www.youtube.com/watch?v=TYKAbRK_wKA
SCARY!
http://www.youtube.com/watch?v=TYKAbRK_wKA
More regulation by an entity such as the CFPB is the last thing we need. Like Dan Loftin, I feel this agency should be hiring “mortgage professionals” rather than DC bureaucrats. Face it, we are nationally licensed, and those of us remaining have done so only because we ARE professional. QE3 is on the horizon, so more bad-money-after-bad-money will be thrown at the problem. What a waste of money and talent…
Barney Frank is nothing more than an arsonist who starts a fire and later comes back to the scene of the crime and helps the Fire Dept. put out the fire.
If the CFPB was not under the were to truly address the problems within our industry, the first item on their agenda might be to scrap this new GFE for the former understandable document. The second would be to repeal the HVCC-AMC act and have oversight of lender QC review of the appraisal. Third for sure they might find that Frank’s and Dodd should be terminated for the fiasco’s they have implemented and pulled. Due diligence is to be practiced by all… Shame on you Barney and Chris…
Amen…
The government is like a baby’s alimentary canal, with a happy appetite at one end and no responsibility at the other.
We are witnessing the fruits Blank Check Barry and Gov’t domination.
The government is like a baby’s alimentary canal, with a happy appetite at one end and no responsibility at the other.
Gov’t takeover day after day after day/…Gov only accomplishes shrinking the private sector to expand gov unions and power. They create problems so they can expand their prowess over us all. Why do people keep allowing gov to intervene with chaos?.. leading to no private individual prosperity. Now this bogus phoney program and not to mention QE-3! result; Foreclosure heaven.
Giving money and power to government is like giving whiskey and car keys to teenage boys.
But wait!!!! Surely QE3 will work the third time!
Just like the last two.
you said it Boyd! This is all by design to take over all property etc. Realistically, gov’t rule will only end when WE enact our constitutional right to bear arms thru militia and storm the halls and physically remove them all., the consitution DEMANDS this of us to end bad tyrannical gov’t.
Just because you do not take an interest in politics doesn’t mean politics won’t take an interest in you!
– Pericles (430 B.C.)
also where does all that QE $ go??? It does not go to help private sector to be sure. Where is it going? ACORN types?
I pretty much agree with most of the comments about the subject of todays show, except for those of ‘willie mack’. I have no patience or tolerance for Conspiracy Theorists. We’ve been down this road before… We did land on the moon, there was a Holocaust, and life on Earth did start more than few thousand years ago…
Next !!!
Interesting topic today goes along with MSNBC interview with Barney Frank this morning. Man he takes no responsibility for the housing fiasco. He blames George Bush Sr. for allowing Fannie Mae and Freddie to veer off their original charter along with CLinton and Bush Jr. for following through. He forgets all the video that is out there from a few years ago showing his involvment.
Isn’t this the one and the same Bwany Fwank that threatened Fannie and Freddie to loosend the lending guidelines so that every American could afford a home under the threat of a lawsuit and Congressional sanction?????
Some nerve this jerk.
I wonderif if its cause he is missing a few teeth and it has affected his brain?
And his arrogant ignorance.
You guys are getting excited over something that comes naturally to any good poitician; Deflect, lie, conveniently forget, blame the other guy. In short do whatever it takes to keep that cushy office and unearned ridiculous salary.
We only have ourselves to blame since we collectively put them in those offices. It’s time for a change boys, it’s time for a change…..and I don’t mean the “hope and change” type.
By the way, those of you that voted for the “hope and change” new way of life………how’s that working for you?!?!?!
Just what we need, more regulation. Soon I can stop taking my Geritol.
Want to balance the budget? Abolish the CFPB, followed by the TSA, then have the FED destroy all gov’t debt it holds. Abolish the FED? no just allow two new reserves to be created to compete with the FED. More Gov’t is not the answer to our problem, less gov’t means fewer taxes, more freedom and greater opportunity to pursue happiness. Just the way the founding fathers envisioned.
Unfortunately Jay, that’s not going to work. Every oversight organization we have is the direct result of corporate greed. Big business only cares about one thing, profit, and they have demonstrated repeatedly their willingness to do whatever it takes to pad their bottom line with no regard for anything else.
You hit the nail on the head. Human greed, plain and simple, destroyed our economy and created millionaires and billionaires in the process. A few happy guys, and the rest get it in the rear. BOHICA.
HELLOOOOOO VA Loan Guy -
Your comment is not how the free market works. Any “big business” not taking care of their customers, and acting only in self interest, will not retain customers nor attract new ones and will thus fail. The only organization that forces people to use them (no matter what quality service they provide) is the government.
Free market? Really ? Then what is the “Plunge Protection Team?” (PPT) and (WGFM) What is the “Exchange Stabilization Fund”? The ” Counter-party Risk Management Policy Group”? (CRMPG)
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@ Anna,
Really? Think about this for just a minute.
Why do we have the EPA, FTC, FDA, FAA, SEC, or the new CFPB?
Why was Wells Fargo recently fined $85,000,000.00? Surely it wasn’t because they were looking out for their customer’s best interest.
Your string of three letter acronyms proves my point exactly! Even though all these agencies are alive and well (and operating on our tax dollars ) their mis-guided and ill-informed policies have created the worse bubble we’ve seen in ages. These groups only confuse and corrupt free market functionality. More government regulation is definitely not the answer – central controllers will never get it right
Like there hasn’t been any public sector greed!!??
Our government is raping us.. while saying shut up you’ll like it.. you need this!!
we know what’s best for you!!
What Jay said is brief and lacking detail, as is your comment, and as is mine. However, we need to rather substitute quality for oversight for quantity. How many useless, redundant, and confusing forms do we have in this business? How many regulatory agencies do we need? Why to we need an Association of regulatory agencies? Isn’t that a big clue that what is in place now is already unwieldy and incompetent?
We as individuals need to both be honorable ourselves and “encourage” others to do the same. No amount of regulation can replace the conscience of an honorable people. Regulation is necessary because there are people, at least previously in the minority, who do not follow the golden rule and are solely motivated by greed. However, there are just as many, if not more, in government (and in regulatory agencies) than there are in private enterprise. The best way to limit corruption is simplify and downsize, not to add additional agencies to do what the existing ones failed to accomplish.
Between Big Gov and big business I’ll take big business. At least if I don’t trust a business I can choose not to deal with them or at least sleep with one eye open.
The mortgage process is complex – even the vanilla borrower tends to have a chocolate chip or two that needs a professional to deal with the issue and guide borrowers through the process. I am sure the NEW E-mortgage sites will go the same way as the one’s that made all of the loan officers worry 5-10 years ago…they are GONE! The mortgage loan process is more than a commodity with more to worry about than who will get it done cheaper! When the govt and it’s helpful entities realize that – maybe we will actually have a better process ~ until then . . .
Good point but when in the last 2 1/2 years has ANY government program regarding Real Estate and/or Mortgages been in the interest of the consumer.
Government goal is CONTROL.
Government programs have failed because of a LACK of control; there were simply too many OPTIONAL offerings to lenders/servicers/investors. Had they had the juevos to say “Lenders: this is what you’re going to do- Cramdowns & no requalifying refinances” we would not have had the crisis in pricing and 14 trillion U$D in home equity evaporate. Private enterprise (mostly hedge funds and private investors who offered lose credit to too many) in 2002-08 killed the golden goose, not the other way around! Now we all pay the price.
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If a loan officers does it cheaper then the website mortgage match then the competition will disappear on it’s own. Vanilla loan can be done by any fool including a website. Especially now that guideline are pretty straight forward. Let’s be realistic the future of mortgage will be completely automated.
You are so right and did you know how much market share Quicken has? It is huge like over 45% . Online is the future so if you are a loan officer think about this it is not good for you
The automation of the real estate and mortgage business has been talked about for nearly a decade now, and if anything we have gone backwards in advancing that theory.
Quicken spends a lot of money advertising on not just the internet but all media sources and they are the only Giant of the industry that does so….now.
But they still suck in their ability to originate any sort of mortgage other than vanilla stuff. I have 3 buyer applications in the last week that called me and all said the same thing. ‘I started with Quicken but they couldn’t get me approved and I am a week away from closing’.
The majority of home buyers will still want that personalized service they get from a local lender. But, to be honest I do get 80% of my new business from home buyers finding me on-line.
Mortgage Match wont be around long enough for any oversight. They are capturing a dismal .05% of the leads generated…
You are dreaming if you knew how many people use them your title companies will not tell you since you will get pissed. Your trusting two faced realtor will never tell you either. I get the feeling your head is in the clouds about this. Do you realize any child born after 1996 was born with a computer mouse in thier toy chest? Now lest do some simple math , that would mean they are now at least 16 years old . SO in two years they could be first time buyers . Sorry to rain on your pipe dream you had three calls this week from people that said Quicken could not close , come on in this market you have not even had three calls in 10 days . But guess what , Quicken gets thousands a day , and they close them like a stealth behind your back and like I said your trusted realtor will never tell you . You need to go green ( especially for your future ) and get a job with an internet lender .
I’m sorry I have to say that I agree. The big banks used to compete for 1%-3% market share, now they are competing for 10%-14% share. Why do they really need high paid Lo’s when they can automate and reduce cost dramatically by having order takers.
It is pretty scary to think that BoA and Wells controll 45% of all mortgages in the US.
Nelson, you are so wrong. Automated underwriting through DO,DU,LP are not going to be done by the consumer, ever.
I’ve been doing this for 27 years, half my clients want to see me personally and don’t even trust e-docs or e-signature. I do Vanillla loans all the time, 60ltv – 800 fica – purchase, dont think for a minute that these guys have’nt been on a website and CHOSEN to deal with a respected mortgage professional.
Get off your computer and go back out on the street and you’ll see what I mean.
FYI … I dont do Vanilla loans because thier just to much competition including the online company. I personally work with buyers that need my help, and close at least 3-4 a month. But I do know that Amerisave will give your buyers a personal quote in less then 10Min, and if it is a vanilla deal they will close it in less then 30 days. So I wish you much luck, Vanilla customers know that they can go anywhere
As long as first time home buyers have the feds looking out for them, what can go wrong?!
Thanks for sharing the insight guys. Always informative.
A CFPB that fails to recognize the adminitrative cost of AMCs’ being passed on to the consumer and appraiser as part of the problem makes them inept right out of the gate. As a segment of the Federal Reserve, I’m suspcious already.
Fabulous news… Another Government agency filed with highly intelligent bodies to pleasantly serve our growing need for oversight. Do you guys have the web site where I can score an application. Who knows, with that kind of funding a $100k / yr office job might be a slam dunk.
With your background they will not hire you
The only thing that would make the CFPB a perfect overnment entity is to get slobbering Frank and 2% Dodd to run it. While we’re at it, lets get AMC Cuomo involved also.
Then they can make it a perfect situation for the consumer!!!!
How do I add my photo to the posts? I see the “video comment” but not where to upload a photo.
You have to become a member of Real Estate Marbles – it’s free. For you photo to show, you have to be logged on to Marbles before you make your post.
Thanks for the energy guys. Please update the thumbnails. I’m adding the shows links to facebook and having different photos of you two would be better than repeating the same one over. Talk to you again in the future.
Thanks, we’ll be fixing that soon. There will be a thumbnail of the video itself.
Thanks! Great plan! …………….. john