Drama following the foreclosure freeze of last year left many consumers angry, in debt, and with questions. As with past issues similar to this one, the Consumer Financial Protection Bureau (CFPB) has stepped in to provide an forum for customers to air their grievances. Judging by the fact the country is not out of its foreclosure crisis, there will probably be a lot of home loan complaints.
The CFPB just recently formed in July 2011 and started taking credit card complaint first. This isn’t the first time the committee has discussed mortgage problems, in May 2011 they discussed simplifying terms on mortgage disclosure forms.
If you aren’t yet familiar with the CFPB here is a video detailing what it is they do:
If the friendly narration of Ron Howard doesn’t have you smiling and nodding your head, the promises for a better financial atmosphere for Americans should.
How to File A Mortgage Complaint
There are five steps you will go through in order to have your complaint filed. Luckily this process is much simpler than the typical complaint process and you can track the progress of your complaint. The five steps ask what happened, your desired resolution, your information and product information as well as asking you to review at the end.
You also have to specify which type of mortgage it is as well as to witch mortgage process your issue relates. If you are a consumer with a mortgage complaint visit the CFPB site to make your voice heard. The CFPB has three main objectives; to educate consumers, enforce federal consumer financial laws and analyze data to understand the dynamic between consumers and financial services.
Senate Blocks Move to Appoint a CFPB Leader
The Consumer Financial Protection Bureau has also been in headlines today as the Senate has blocked President-appointed, Richard Cordray, as the leader of the bureau. In a move to weaken the agency, Republicans refused to support the candidate appointed for the position because of the position as opposed to Cordray himself — a first according to Senate Majority Leader Harry Reid (D-NV). Some Republicans are concerned about the structure of the CFPB and are therefore hesitant to support it.