I know this article is 7 months old but it’s still a great read. -Steve

, The Consumerist

As Consumer Financial Protection Bureau director Richard Cordray pointed out in his testimony before the Senate Banking Committee this morning, more than 130,000 American consumers have used the agency’s numerous complaint portals to help resolve their problems with financial institutions. Consumerist reader Charles is just one of those people who still has a house because the CFPB was able to accomplish in a few days what no one else could in almost a year.

Last May, Charles and his wife purchased a co-op. What should have been a happy time of enjoying their new home together instead became a nightmare of unaccountability and ineptitude.

“The previous owner had a mortgage with Citibank. However, when she took out her loan Citi’s third-party counsel filed a lien for the wrong bank, listing Wells Fargo as the lender instead of Citi,” explains Charles. “Needless to say, this was a huge headache. Citi (correctly) didn’t feel they could release a lien belonging to another bank. The idiotic law firm who made the error had destroyed their records and refused the rectify the mistake.”

Read more here

Write A Comment

Your email address will not be published.

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Ready to get started?

Speak to a specialist at (888) 737-6344