Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive
150x172_CUEffect.jpg
Contacts
LISA MCCUEVICE PRESIDENT OF COMMUNICATIONS
EDITOR-IN-CHIEF
MICHELLE WILLITSManaging Editor
RON JOOSSASSISTANT EDITOR
ALEX MCVEIGHSTAFF NEWSWRITER
TOM SAKASHSTAFF NEWSWRITER

News Now

Washington
CFPB Announces Proposed 'Steering' Settlement
WASHINGTON (11/8/13)--A multi-million-dollar action is being sought against a Utah-based mortgage company for allegedly steering consumers into costlier mortgages, the Consumer Financial Protection Bureau (CFPB) announced Thursday.
 
In January, the bureau announced rules designed to prevent unscrupulous mortgage loan originators from generating higher compensation for themselves by steering borrowers into risky and high-cost loans.
 
According the CFPB, it has asked a federal court to approve a consent order that would provide more than $9 million restitution for consumers from Castle & Cooke Mortgage, LLC, of Salt Lake City. Another $4 million would be obtained in civil money penalties against Castle & Cooke and two of its officers for allegedly paying loan officers illegal bonuses.
 
The CFPB also said, in a release, that the mortgage company maintains 45 branches and does business in 22 states, including Arizona, California, Colorado, Florida, Hawaii, Iowa, Idaho, Nebraska, New Mexico, Nevada, Texas, and Utah.
 


RSS





print
News Now LiveWire
Maine credit unions put Food Mobile on the road to relieving hunger in rural areas http://t.co/R0xpt6BAZE
1 Day ago
.@TheNCUA's Matz: PALS should be exempt from Military Lending Act proposal #NewsNow http://t.co/Vy9uNhOIEr
32 minutes ago
#NewsNow Iowa loan growth 3 times national bank rate http://t.co/fUvudPLg5d
2 hours ago
.@ICBA tallies its Home Depot data breach costs: $90M, 7.5M cards http://t.co/iJgRDC2AKZ
4 hours ago
.@icul's Jury elected treasurer of @WOCCU exec committee http://t.co/HEF1UChN8f
5 hours ago