Consumer Watchdog Agency Takes on Mortgage Servicers

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I've had to literally tell a servicer who at one time was the originator of my loan before they sold it to Freddie Mac, where to get off. They're less accommodating over the phone, and appear to enjoy being antagonist. The bottom line is is that servicers are ineffective pawns in a maze of corporate misgovernance that will take the brunt of burden that really should be targeted at the corporate bigwigs.

R.T. White of MI 10:34AM April 18, 2012

yeah right! this I will believe when this so called consumer agency gives out a phone number to take complaints. what about people who are getting ripped off every month but are nte or foreclosed? what about help for from freddiemac? they are the crooks who run these servicers. That's the right word for the treatment you get from the entire industry, serviced. ya know? F%$#!(!

Daniell Von Tungeln of WA 6:28AM April 13, 2012

These regulations are only trying to make it more civil on the ones who got sniped by the unethical housing market practices of the past decade or so.
A consequential system is better than an over regulated arrangment that sets out all the small details of how things must be done in the future. Consequential problem solving is much more effective and more fair than 'punish everyone' ideas.
A fair proposal would be to have the Congress assign a special 'one time only' tax on many executives and employees of the financial industry who made a high income during certain years of securities bundling shenanigans etc... then use that money to repair some of the damage - to "make whole" at least some decent and responsible people who lost the most. A "tribunal like" fee assessment from Congress would bring a sense of justice back to our society. Many of the business things done were unethical, but not Strictly illegal, yet Justice should still be done... in a civil rather than legal arena.

John of NY 11:06AM April 10, 2012