CFPB Audits Taxing Small Banks
Click the post title above to watch today’s show. Catch all your real estate and mortgage news and commentary with Frank Garay and Brian Stevens right here at www.TBWSDailyShow.com!
E-Mail Subscribe
May 31, 2013
June 5-6, 2013
We informed know this is just to further the Big Government backed banks monopoly!!!!!
Atlas Shrugged part 2 is out now. Get everyone you have influence over to see parts 1 and 2 BEFORE the election and become John Galt.
To all of you who rail against the current administration for instituting tighter resraints on the financial services industry, it proves that dave matthews and everyone else at msnbc that you are taking a racist point of view. According to them, there is no other reason for disagreeing with such a popular and intelligent president and all of his programs.
I am going to throw up now.
Please do not pass up this year’s opportunity to vote against your current white house representative. he does not deserve another 4 years.
Dear Sir, I believe Dave Matthews is a singer/songwriter. I believe it’s Chris Matthews on CNBC. Good job.
Yes Dave is a music dude and the other matthews is the news guy but you cannot really trust any of our news services, or letterman or the Jaw since they all get to twist the truth. we gotta go and ck it ourselves-but the we have to go to work. but guess what, do you want a spender working for you instead of a producer? God bless the people who earn something-and support that reward. nothing wrong with a buck, something wrong with getting hand outs when one can do something. if not then lets talk but all can contribute in and to life or we all go down slowly in the toilet of facts of life. no free rides and certainly not for votes. 9 our of 16 of the top income/new worth folks in our houses of leadership now are dems, but they may have been smart of just inherited it but it is capital at work. being Bankrupt tells it like it is. not done well most of the time hello banks and auto!
Are you “Big Bad Boys ” ready to wear a DETROIT TIGER WORLD CHAMPION shirt when my TIGERS knock the Giants off? Aloha, UncAl.
The government fails to understand how really small some of these non-depository lenders actually are. Our consultancy specializes in helping captive finance companies with profitability and sustainability issues, and compliance and regulatory issues were only a small part of our business until the advent of the SAFE Act, which included chattel lenders on manufactured homes for the first time into the same arena as mortgage lending. The Dodd-Frank Act added to the problem, and the recent extension of the Final Rule on money laundering subjects sellers who are not lending money (except by FinCEN definition) to all of the anti money laundering requirements.
Given that the vast majority of these operators make fewer than 10 loans a month and many make only one loan a month, how can they absorb these costs of licensing and regulatory compliance? It is worth noting that most of them are using their own money to make these loans with and they are making loans on the manufactured homes they sell that outside lenders will not make because of either credit issues, or the size of the loan itself. Many of these loans are for $5-$10K, with our overall client average of $38,795.00. Terms are usually 10 years or less, so where does the money come from to achieve compliance especially with the new Dodd-Frank classifications of “High Cost” and “High Risk” and the problems associated with either.
There are 50,000 manufactured home land lease community owners and retailers, many of which are truly “Mom and Pop” operations now at grave risk. Pitting these people against the CFPB is like pitting the Heavyweight Champion of the World against the best boxer in the 6th Grade in a small school. They are truly the “low hanging fruit” for the CFPB and the government is going to end up with all of their assets accumulated through a lifetime of hard work. This is not what was taught in high school Civics class.
File a complaint with the CFPB, request tutorial compliance videos BEFORE wrongdoing investigations start. Once the videos are made, ask for focus groups to review the videos.
Be part of the process, don’t just assume the CFPB won’t listen to you.
I have put in three complaints with this group even the president of the Mortgage Brokers association about descrimnatory practices or should I say steering practices of some mortgage brokers. Yet they are still in business and doing the same thing. When are we goong to get these poele that steal clients form others and steer them to the agen they want or get under the tabe kick backs from?
If you file requests for compliance videos for your industry put out by the CFPB, and they are not produced, you as a group may have better court standing challenging fines that might then be imposed.
We should have seen it coming. It has been truly a violation of the SHerman Anti trust Laws. The Federal Reserve has as some of the decision makers no other than Jamie Dimon and his cronies. The four big banks got together and realized the only way they could compete with brokers is by taking out their wholesaler Countrywide. Let’s make Angelo Mozillo the “scapegoat”. THis should be done because BOA (regardless of the numerous attempts to buy out Countrywide) couldn’t convince Angelo to sell out. So let’s get together with the other bankers(more than one person or company that plans to put a company or entity out of business is truly a conspiracy and violation of the SHerman Anti Trust). Problem is that banks have all the money and politicians in their pocket. Going forward BOA meets with the powers that be along with Jamie and others. It is agreed to divide and conquer. If we remove the biggest wholesaler from the picture than the banks can control things. Lets blame the economy on “Liar Loans” put through by the brokers. AFter all if the buyer has a great score and pays their bills if they can’t prove income or make a loan without true equity this should be a horrible thing. Right? Interesting enough BOA gets their Countrywide for pennies on a dollar but they wanted more. Wells took Wacchovia and Chase got WAMU.HMMM. Now lets change the appraisal procedures and change the rules so bankers don’t have to show the proper profit margins. That way the GOv’t can levy fines to redistribute the wealth stolen but since we can allow the banks to make 100′s% of percent in profit it won’t matter and everyone will think the gov’t is on their side. Well this is old news but imagine this. We applied for a new loan under Harp. Supplied BOA with a fully filled out 1003 and what I received and was expected to sign on an investment property was a 1003 showing us as a homemaker making a dollar a year with a 2 1/2 year residence and job history.h yes no appraisal because they say it was worth what they needed.However there is an appraisal fee of $650.00 in the GFE. SOUND FAMILIAR?????????????
grr to the bad guys. fight fair or not at all
Yes.
Guys I can’t believe you didn’t mention Barry Zito! If he doesn’t pitch his arse off in Game 5, you don’t get to game 6. The Geek has lost his mojo and Bumgartner needs to take a greenie and man-up and get on the hill, so Zito saved you guys. BTW love the show!
Such a wonderful world we live in. The crooks messed it up and left. Those that attempt to follow the rules and spend the money/time to do so will be punished.
It is fair to hope for a change but don’t hold your breath. The Cubs will win the series before DC walks this back to reasonable.
All we need is to give CFBC a badge and gun, then the fun will begin.
The CFPB has a weapon far more dangerous and effective than a gun; they have pens with full autonomy to use them as they see fit. Pretty scary even for a socialist society that we are becoming.
Is the CFPB funded by the FED (Big Banks), housed at the FED, and makes laws that are difficult for small non depositories and brokers to comply with both in ambiguity of meaning and resources required to comply, pushing more of them out of business leaving less competition for the consumer and banks? Is this what is meant by having the ability to pick winners and loosers?
Ok everyone we all need to just face up to the fact the government is on a witch hunt, and if you have an NMLS number you must be a witch. Now that we have been labeled and branded we must get together as a collective and show the people what we practice is not witchcraft.
In fact, how about a little bet? Tigers win you send me a six pack of Anchor Steam Beer. The Giants win and I’ll send you a four pack of Final Absolution from the Drangonmead Brewery (9% ABV). Deal?
Deal!
voting for 4 more of this crap is like a chicken voting for the Colonel at KFC.
Thanks frank thanks brian
Frank and Brian, love you guys but your boys are going down! Go get’em Tigers!
TIGERS RULE
Can you say entrapment? The CFPB may look like a noble cause to the general public but we know better. My guess is that they are ill qualified to read a loan file let alone investigate procedures. This is the poster child of a desperate administration that has accomplished nothing in 3 1/2 years. We get our chance for vindication in about two weeks.
Unfortunately, I have to disagree!! Not that we will be vindicated in 3 weeks, but there is nothing Romney can do now. It is already a government entity and have you EVER heard of them getting dismantled? Yes it should, but sadly how could it happen, even if Romney really does what he said he wants to do with eliminating Dodd/Frank. It already has a budget for the next year and it is collecting money that all the politicians can steer their way unbeknownst to the American people as to where it is going. SO Sad and noody to Blame but Obama and his henchmen passing off favors to get that department up and going.
You might want to check out the close to one billion dollars in rebates and fines the CPFB has rightfully levied against the credit card companies and their unregulated “credit card protection insurance program” marketing schemes.
Shouldn’t the CPFB be providing videos on the proper mortgage rules and procedures so that those who get quizzed at least have the opportunity to know exactly how to be compliant?
D.N.:
That would be like the blind leading the blind especially when their goal is to eliminate the broker in the equation of their lending formula.
PLEASE…
Just post a complaint to the CFPB asking that they produce videos that explains the type of conduct they want followed.
The Credit Card Protection Insurance scam went on for 15 years and it took the CFPB fining the credit card companies a billion dollars to make them back off. This scenario here is different.
Just file a complaint, ask for video tutorials.
This should help the Industry tremedously. It ranks right up their with the 2010 GFE, Dodd, Frank Bill, Basil I,II,III and so many others in the last 3-4 years.
November 6th is coming up soon and if you are still undecided you may want to stop by your Local Walmart or Home Builder’s Store and fill out an application.
Hope & Change, hahahaha. VOTE ROMNEY!!!!!!
May i say from Detroit, Bring it, maybe you have heard of a few of our playerx??
Ps the cfpb have just setup a credit score / credit report complaint line. So they can march into all the credit providers offices at anytime for any reason basid because they will have cause basied on the complaints. Vote in 2 weeks it is important, do we want more of this or less…. you decide. I am at the MBA confrence and we had two speakers, one understood the ramafications and one did not. They were former President and former NY Mayor. One would increase this type of action one would scrap it
testing.