The New York Times rambles, and mangles mortgages along the way

The New York Times rambles, and mangles mortgages along the way

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Complaints from wealthy neighborhoods fill the CFPB database

mailbox

There is a certain irony emerging when looking at the Consumer Financial Protection Bureau, the Washington Post says. While the subprime crisis was blamed for taxing the lower class the most, the CFPB's database is surprising not filled with complaints from less well-off communities. In fact, analysis of the Consumer Financial Protection Bureau’s database found that wealthy neighborhoods complain a lot more about all aspects of the mortgage process, from brokers to servicers to underwriters. The paper explains:

One could imagine any number of reasons for the disparity (the Bureau itself declined to speculate). Rich people tend to be more Web-savvy and have more time on their hands, but the CFPB also takes complaints via phone and fax, so it's broadly accessible. The more likely explanation is that word of the complaints database -- and those of other regulators that feed into the CFPB's -- has simply penetrated further in wealthy communities. (And yes, it could just be that rich people feel more entitled to the help.)

Source: Washington Post
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