Yesterday I was invited by Keith Cardillo with Guaranteed Rate to a very important meeting about upcoming changes in the financing world!
We had better know what this new government bureau is all about if we are Realtors/Brokers and/or Mortgage loan officers.
The government, in their infinite wisdom, has created a new “consumer protection bureau” that will start policing all banks and lenders. 2600 new government jobs created, all with fat salaries, with the intent of monitoring, auditing, and fining without any oversight!
Unconstitutional but will be put to the test by several states currently suing for this issue.
Congress did not affirm the proposed director so the President, with his infinite power, just appointed him to the post as one of his Czars!!
Everyone of the directors of the board are NOT from the mortgage nor real estate industry. Do you think they know what is really going on in the industry?
Wells Fargo, Capital One & American Express, just to name a few, have been fined hundreds of millions of dollars so far. This is just the beginning.
More consumers will be hurt than helped by this bureau! Unconstitutional and Un-American!!
Resource: http://www.consumerfinance.gov/
