Name:   lucky67 - Subject:   Mr. FLY Date:   1/3/2019 9:37:02 AM (updated 1/3/2019 9:38:37 AM)

GF--heres my response to your "cut & paste" about the CFPB; while the  details i can offer  are limited in scope due to the legal work I do on Financial Fraud & due to Confidentiality Agreements, I can disclose the following;

CFPB was created by Elizabeth Warren , and pushed through by her buddies Barney Frank, & Chris Dodd ( hence the Dodd Frank legislation) ; all were close friends with Angelo Mozillo, Chairman of Countrywide Financial--surely you know the crimes that CF precipitated causing the mortgage meltdown & devastation to families nationwide ( i worked on( & continue to)some of the cases)--(but he still resides & tans  on the beach in Malibu); I personally saw closing statements on loans Mozillo made to Dodd & Frank--NO  fees, below market interest rates,  non-qualifying, NINJA loans we call them--no income, no qualifying-- etc.--have you received any of those lately ??;

the past 2  directors of the CFPB & the current one, have ZERO lending experience; the Board is the same--I was Nominated, but CFPB doesnt want Board members who have 44+ YEARS of on hands  practical experience in the Industry, with over 25 National  references;

CFPB while under the "capable authority" of the  Federal Reserve, is independent of most Gov't rules & practices--; i.e. SALARIES & OVERSIGHT';

As example; currently there are over 1650 employees; the average salary at CFPB is $132,965; highest is $259,500; over 165 employess make in excess of $200,000, ; 240 employees 'earn" more than the Governors of ALL 50 STATES;

While I concede they have won some concessions; they have wreaked havoc with the remaining GOOD lending instituitions--mainly mortgage brokers & lenders--the reporting & regulations have & cointinue to strangle the industry--just ask anyone who has applied for a mortgage recently.--

It is curious to note they have not objected to Bank of America"s new loan program just announced: "$10 Billion for home buyers--NO INCOME OR CREDIT QUALIFYING REQUIRED "--sounds like DEJA VU to me ( as a side note, B of A acquired Countrywide before the S_ _ t hit the fan ;I also worked, successfully on behalf of homeowners wrongfully foreclosed on & denied loan modifications by  B of A & have some currently in process;

So copy & paste Warrens baby project all you want, but I'm sure she wont be rushing to promote the program on the campaign trail;

Happy New Year