{"id":186392,"date":"2014-02-02T20:41:00","date_gmt":"2014-02-03T01:41:00","guid":{"rendered":"https:\/\/www.panix.com\/~msaroff\/40years\/2014\/02\/02\/the-consumer-financial-protection-bureau-goes-to-work\/"},"modified":"2014-02-02T20:41:00","modified_gmt":"2014-02-03T01:41:00","slug":"the-consumer-financial-protection-bureau-goes-to-work","status":"publish","type":"post","link":"https:\/\/www.panix.com\/~msaroff\/40years\/2014\/02\/02\/the-consumer-financial-protection-bureau-goes-to-work\/","title":{"rendered":"The Consumer Financial Protection Bureau Goes to Work"},"content":{"rendered":"<p><a href=\"http:\/\/consumerist.com\/2014\/01\/29\/cfpb-alleges-mortgage-insurer-operated-15-year-long-kickback-scheme\/\">CFPB Alleges Mortgage Insurer Operated 15-Year-Long Kickback Scheme \u2013 Consumerist<\/a><\/p>\n<blockquote><p><span style=\"color: blue;\">The Consumer Financial Protection Bureau has begun proceedings  against PHH Corporation for its involvement in a 15-year-long mortgage  insurance kickback scheme that collected hundreds of millions of dollars  from homeowners.<\/span><br \/><span style=\"color: blue;\"><br \/><\/span> <span style=\"color: blue;\">The <a href=\"http:\/\/www.consumerfinance.gov\/newsroom\/cfpb-takes-action-against-phh-corporation-for-mortgage-insurance-kickbacks\/\" target=\"_blank\" rel=\"noopener\">CFPB  announced Wednesday that it is seeking a civil fine, an injunction to  prevent future violations and victim restitution from PHH Corporation<\/a>  and its residential mortgage origination subsidiaries, PHH Mortgage  Corporation and PHH Home Loans LLC, as well as it\u2019s wholly-owned  subsidiaries, Atrium Insurance Corporation and Atrium Reinsurance  Corporation, for violating the Real Estate Settlements Procedures Act  and harming consumers through a kickback scheme beginning as early as  1995 and continuing until at least 2009.<\/span><br \/><span style=\"color: blue;\"><br \/><\/span> <span style=\"color: blue;\">\u2026\u2026\u2026<\/span><br \/><span style=\"color: blue;\"><br \/><\/span> <span style=\"color: blue;\">An investigation by the CFPB showed that when PHH originated mortgages, it referred consumers to its mortgage insuring partners. In exchange for the referral, the insurers purchased reinsurance \u2013 a product that transfers risk to help mortgage insurers cover their own risk of unexpected losses \u2013 from PHH\u2019s subsidiaries. As a result, consumers ended up paying more in mortgage insurance premiums.<\/span><\/p><\/blockquote>\n<p>Good, but this will not send anyone to jail.<\/p>\n<p>Until we start people, not just corporations, start experiencing the direct consequences of the misdeeds, nothing will change.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>CFPB Alleges Mortgage Insurer Operated 15-Year-Long Kickback Scheme \u2013 Consumerist The Consumer Financial Protection Bureau has begun proceedings against PHH Corporation for its involvement in a 15-year-long mortgage insurance kickback scheme that collected hundreds of millions of dollars from homeowners. The CFPB announced Wednesday that it is seeking a civil fine, an injunction to prevent &hellip;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1256,970,1004,1088],"tags":[],"class_list":["post-186392","post","type-post","status-publish","format-standard","hentry","category-cfpb","category-corruption","category-finance","category-real-estate"],"_links":{"self":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/posts\/186392"}],"collection":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/comments?post=186392"}],"version-history":[{"count":0,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/posts\/186392\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/media?parent=186392"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/categories?post=186392"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/tags?post=186392"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}