As many as 10 million homeowners are at risk of default, according to Richard Cordray, director of the Consumer Financial Protection Bureau (CFPB). In an op-ed piece, Cordray recounts the type of behavior and practices that put so many Americans in danger of losing their homes – it’s what he describes as “the wild West of lending.” Enter the CFPB. While the agency is charged with overseeing all consumer-facing financial products and services, Cordray says its greatest focus is on the mortgage market, and servicing in particular.
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