(Source: Wall Street Journal By Maya Jackson Randall and Alan Zibel) – Fixing the mortgage-servicing market, which has been plagued with allegations of shoddy home-foreclosure practices, will be one of the new Consumer Financial Protection Bureau’s main priorities, a top bureau official told House lawmakers Thursday.Raj Date, an associate director at the fledgling Consumer Financial Protection Bureau, which launches July 21, said the market is in need of structural changes. He noted reports of banks and other mortgage servicing firms charging homeowners inaccurate fees, losing paperwork and improperly foreclosing on homeowners.
The bureau, he said, will have tools—including the ability to fine companies and write rules for the industry—to address problems facing homeowners. The bureau, along with banking regulators, will be working on national standards for the mortgage servicing industry.
Source: Wall Street Journal By Maya Jackson Randall and Alan Zibel
July 7, 2011, 3:04 PM ET
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