The Consumer Financial Protection Bureau (CFPB) is kicking up some dust in the mortgage servicing sector in what appears to be a last gasp for air as Republicans gather round in the Beltway sharpening knives. Coming on the heels of Tuesday’s $2 Million fine against NewDay Financial, CFPB kicked it into high gear targeting All Financial Services — this is an actual company name — Flagship Financial Group and American Preferred Lending.
“Each of these companies has misled consumers with false advertising,” said CFPB Director Richard Cordray. “The U.S. government is very serious about stopping companies from falsely claiming federal authority, and we are particularly concerned about false or deceptive statements made in advertisements about reverse mortgages that target older Americans.”
You know Dick, the reality is that perhaps CFPB should be a little more concerned with the streamlining of a gargantuan Dodd – Frank gorilla which is perched upon everyone’s shoulders. Maybe, just maybe, the Mortgage Servicing Sector is doing just fine and the Emperor In The Beltway Whom Wears No Clothes ought to find another way to fund his unfunded Socialistic Health Care Act?! Just sayin’…..
