News from The Consumer Financial Protection Bureau
The Consumer Financial Protection Bureau (CFPB), a government agency, recently released the nation’s largest public database of federal consumer financial complaints. This database includes details about more than 90,000 individual complaints on five types of products and services: consumer loans, bank accounts or bank services, mortgages, credit cards and student loans. The majority of complaints, 55% of them, relate to mortgage issues, and 22% are credit card complaints, the second-largest source.
Bank of America accounted for the biggest share of complaints logged with the CFPB over the last 16 months, and complaints regarding mortgages were the most often filed against the large bank. Regulators have long accused Bank of America for failing to implement a proper system to verify whether or not a homeowner belongs in foreclosure. As a result, the bank has paid over $50 billion in settlement fees related to mortgages.
Bank of America, including other banks that received complaints logged in the database such as J.P. Morgan Chase and Wells Fargo, say they are doing everything in their power to resolve customer complaints quickly and to improve customer satisfaction ratings. While it remains to be seen whether or not this actually happens, the release of this database further emphasizes bank accountability with regard to fair and legal mortgage lending practices. Not surprisingly, the banks have long been opposed to the release of the CFPB data. CFPB officials believe that the release of the data will give regulators a better way to track and police the financial industry, helping consumers in the long run.
This data shows that the mortgage crisis in this country is far from over, and consumers must defend their own rights now more than ever, taking issues with lending institutions into their own hands. If you find yourself with a mortgage or foreclosure problem, the good news is that you have a team of knowledgeable attorneys here to help. McFarlin LLP has deep experience handling mortgage and foreclosure issues with banks. Contact us to get started today.Post Tags: foreclosure information, home loan modification, mortgage industry, Mortgage Litigation