CFPB's Steven Antonakes dials back for borrowers
Same mortgage message, different tone
Since Steven Antonakes, deputy director of the Consumer Financial Protection Bureau, gave his alarming speech at the Mortgage Bankers Association’s National Mortgage Servicing Conference & Expo in Orlando, he has stayed quite busy giving speeches across the country, most recently at Nevada’s Common Ground Conference.
But none of his latest speeches have carried the same weight as his one in Orlando.
There are various elements that Antonakes is highly likely to include in his speech.
The following is one:
The notion that government intervention has been required to get the mortgage industry to perform basic functions correctly – like underwriting, customer service and record keeping – is bizarre to me but, regrettably, necessary.
However, in his speech at the MBA conference his message was a lot more forceful and blunt.
Instead, Antonakes walked Nevada’s Common Ground Conference attendees through what the CFPB is currently implementing and striving for.
“When the music stopped and property values began to fall, servicers were ill-equipped to handle the resulting foreclosures. Breakdowns at every step in the process exacerbated the decline in property values, and neighborhoods from Las Vegas to south Florida were torn apart,” Antonakes said. “The housing crisis did not have to turn out this way, and so I want to walk you through how our new rules aim to better protect consumers at every stage.”
According to the Nevada Attorney General Catherine Cortez Masto, the conference was aimed to encourage consumers to learn more about the new mortgage lending rules that took effect on Jan. 1.