New Consumer Chief: We Want to Hear Your Story

Newly installed amid controversy as director of the Consumer Financial Protection Bureau, Richard Cordray took to YouTube and email alerts today, seeking input from consumers on issues with which they are struggling.
Whether you are facing foreclosure or you are otherwise the target of questionable lending tactics, Cordray wants to hear from you.
“The stakes are high,” Cordray said in a widely distributed statement. “Consumers need to be able to fully understand the costs and risks of borrowing and they need to be able to comparison shop for the best deal. Consumers deserve to have someone who will stand on their side, who will protect them against fraud, and who will ensure they are treated fairly.”
Consumers can send along their story to the CFPB’s website at: The bureau was created under the Dodd-Frank financial reform legislation to protect consumers from deceptive and abusive practices by lenders and other issuers of mortgages, credit cards and personal loans.
Cordray relayed the story of “Rebecca from North Carolina,” who missed a mortgage payment nine months after her husband lost his job.
“In the two years since then, her mortgage servicer has increased her payments, even though she entered a trial modification in an effort to lower her monthly payments,” Cordray wrote.
The mortgage servicer is threatening her with foreclosure “unless she shells out more money in unexplained fees,” he said.
“Rebecca has frantically complied with all of these demands because she is afraid of losing her home and so is doing whatever she can to stay in her home,” Cordray said.
You can also see Cordray’s message on YouTube.
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