CFPB Proposes “Know Before You Owe” Mortgage Forms
"Our proposed redesign of the federal mortgage forms provides much-needed transparency in the mortgage market and gives consumers greater power over the...
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Prepared Remarks by Richard Cordray on Reverse Mortgages Study
Homeowners who want to use their home equity to enjoy a more comfortable retirement do have options. One option is a reverse mortgage, a special type of...
CFPB Report Finds Confusion in Reverse Mortgage Market
A reverse mortgage is a special type of home loan that allows older homeowners to access the equity they have built up in their homes now, and defer payment...
Written Testimony of Holly Petraeus before the Senate Committee on Banking, Housing and Urban Affairs
First and foremost are the financial concerns of military homeowners.
Consumer Financial Protection Bureau and prudential regulators issue joint guidance to address mortgage servicer practices that impact servicemembers
The guidance, which is intended to ensure compliance with applicable consumer laws and regulations, pertains to military homeowners who have received...
Prepared Remarks by Richard Cordray at Military Permanent Change of Station (PCS) Guidance for Mortgage Servicers Press Conference
We want to make sure that mortgage servicers comply with the laws that prohibit unfair, deceptive, or abusive practices when it comes to a servicemember's...
Prepared Remarks by Holly Petraeus at Military Permanent Change of Station (PCS) Guidance for Mortgage Servicers Press Conference
We're pleased to have the support of the prudential regulators who signed the guidance we're announcing today – the Federal Reserve Board, the FDIC, the...
Written Testimony of Raj Date Before the House Financial Services Subcommittee on Insurance, Housing, and Community Opportunity
Today’s hearing is focused on the Bureau’s efforts to combine the various federal disclosures that consumers receive when taking out a mortgage loan.
Prepared Remarks by Richard Cordray at the American Constitution Society Conference
We are the first agency ever created with the sole purpose of protecting consumers in the financial marketplace. It is no easy task, but it is crucial...
Remarks by Raj Date to the American Bankers Association Conference
I'd like to talk to you about how the mission of the CFPB is to help consumer finance markets actually work – for American families, for financial services...
CFPB Seeks Further Comment on Ability-to-Repay Mortgage Rule
"Through our ability-to-repay rule, we want to ensure that consumers are not set up to fail with mortgages they cannot afford and we want to protect access...
Director Cordray Remarks at the White House Financial Summit
At the Bureau, we are uniquely positioned to address these issues by helping to bridge the ever-widening gap between people's actual financial capability...
CFPB Considers Rules to Simplify Mortgage Points and Fees
These rules, which the CFPB expects to propose this summer and finalize by January 2013, would make it easier for consumers to understand mortgage costs and...
Prepared remarks by Raj Date before the Mortgage Bankers Association National Secondary Market Conference
So mortgage reform is appropriately front and center on the CFPB’s agenda.
Prepared Remarks by Richard Cordray Before the 2012 Simon New York City Conference
Let me emphasize at the outset that we all have certain goals in common: a strong and vibrant financial sector; the ability to earn and maintain the...
Prepared Remarks by Raj Date at the Greenlining Institute Conference
The mortgage market failed to make good credit decisions; it failed to take smart risks; and, maybe worst of all, it failed to clean up its own mess.
CFPB Clarifies State Reciprocity in Loan Originator Licensing
In a bulletin, the CFPB states that, consistent with the Secure and Fair Enforcement for Mortgage Licensing Act of 2008 (SAFE Act), a state may grant a...
Prepared Remarks by Richard Cordray at the National Community Reinvestment Coalition
You, the National Community Reinvestment Coalition, have stepped up to preserve and expand on that foundational principle of our nation by working to...
Prepared Remarks by Richard Cordray at Operation HOPE
At the start of this year, nearly one in four mortgages was underwater and 4.5 million mortgages were seriously delinquent. And today, some studies estimate...
CFPB Outlines Borrower-Friendly Approach to Mortgage Servicing
"The mortgage servicing rules we are considering reflect two basic, common-sense principles – no surprises and no runarounds," said CFPB Director Richard...
Testimony of Richard Cordray before the U.S. House of Representatives
I want to thank you for this opportunity to testify on the first "Semi-Annual Report of the Bureau" detailing the Bureau's accomplishments in its first six...
Prepared Remarks by Richard Cordray before the U.S. Chamber of Commerce
And we have certain goals in common: a strong and vibrant financial sector; a highly competitive economy that works for Americans in both the short run and...
Consumer Financial Protection Bureau files amicus brief in truth in lending case
When a borrower cancels a loan on this basis, the lender must release its liens against the borrower's home, and the borrower must return the loan he or she...
Prepared Remarks by Richard Cordray at the Society of American Business Editors and Writers
I deeply believe that reporters play an important role in ensuring our government operates fairly, efficiently, and honestly. This role includes a new task...
Prepared remarks by Richard Cordray before the National Association of Attorneys General
Making prices and risks clear. Protecting people against fraud. And standing up for consumers to make sure they are treated fairly. That is our new job.