Foreclosure Review PSAs May Miss The Mark, Consumer Advocates Say [UPDATE]January 5, 2012
Foreclosure Review PSAs May Miss The Mark, Consumer Advocates Say [UPDATE]
News from Huffington Post:
“If you faced foreclosure in 2009 or 2010, the government may have good news for you,” reads new advertisements released by the federal government on Wednesday. The ads, slated to appear in more than 7,000 newspapers and 6,500 radio stations, are the latest effort to make borrowers aware of a new federal initiative that aims to help homeowners victimized by fraudulent foreclosures.
But consumer advocates reached Wednesday said the “good news” was more of a mixed bag for homeowners. For one, it’s not clear that the government’s message will reach a wide enough audience.
“The ads are still not very effective,” said Diane Thompson, a national housing expert and attorney at the National Consumer Law Center. “They aren’t being made available in languages other than English and Spanish. Even then, the [Office of…………… continues on Huffington Post
Can Consumer Chief Tame Financial Services?
News from Smart Money:
By Sarah Morgan
Consumers will get a new chief watchdog today, when President Barack Obama taps Richard Cordray as the first director of the Consumer Financial Protection Bureau. Though the appointment was made while Congress is in recess, because Republicans refused to back the nomination, advocates say most Americans should welcome the news.
The CFPB, which was created by the Dodd-Frank financial reform legislation passed in 2010, has been operating for nearly six months. But without a director in place, it was unclear if the agency had any authority over certain non-bank institutions, says Laura Saunders, the managing attorney at the Washington office of the National Consumer Law Center. “It’s a technical point, but there was ambiguity about whether it had the new power to supervise payday lenders, debt collectors and credit reporting bureaus before a director was in place,” Saunders says.
Even with Cordray in the top job, changes to th…………… continues on Smart Money