Millions of homeowners are struggling to get banks to work to modify their mortgages. Yet only 2326 complaints have been filed with the Consumer Financial Protection Bureau. It’s important that the CFPB understands the enormous scope of many homeowners have been victims of unfair and deceptive practices by mortgage banks. If you are a homeowner and feel you’ve been treated unfairly, please be proactive and file a complaint. The CFPB can’t be effective if homeowners don’t file complaints.
The new Consumer Financial Protection Bureau has received about 12,000 complaints over the past six months from consumers who had problems with their credit cards and mortgages, according to the CFPB’s semi-annual report to Congress.
In the half year ending Dec. 31, 2011, the agency received 9,307 credit card complaints and 2,326 mortgage complaints through its website, by phone, and through referrals from other federal regulators, according to the report released Tuesday.
Here’s a reminder to file a complaint with the Consumer Financial Protection Bureau. We’re encouraging our clients and followers to file a complaint. Do it today! Do it over the weekend! Please, please, please help us create change!
Click here for the link.
More than 38% of the 2,300 mortgage complaints sent to the Consumer Financial Protection Bureau in December related to loan modification and foreclosure concerns, the largest share in this category.
The CFPB took nearly 10,000 total complaints across its entire array of monitored financial products since July, which includes payday loans, student loans, credit cards and others.
And the bureau reports that when the CFPB comes calling, mortgage firms largely answer.
The bureau said implicated companies responded to 88% of the complaints. Of these, companies provided relief — in some cases payment to the borrower — on more than half. Nearly 19% of the relief provided went to mortgage-related complainants.
The CFPB began taking consumer complaints regarding mortgages at the beginning of that month. Of these, 889 regarded problems with mortgage modifications or the foreclosure process, nearly double the next largest category, according a semi-annual report to Congress from the bureau.
President Obama has recently appointed Richard Corday as director of the Consumer Financial Protection Bureau. Director Corday has promised to enforce mortgage rules and there will be real consequences for those that take unfair advantage of consumers. We are encouraging our clients (and non clients) who feel they have been unjustly treated to file complaints against the servicers of their loans.
We are hoping the Consumer Financial Protection Bureau will begin to see the same patterns of abuse that we are seeing on a daily basis. If you’d like to file a complaint please use this LINK.