Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

Washington
CFPB Announces Proposed Steering Settlement
WASHINGTON (11/8/13)--A multi-million-dollar action is being sought against a Utah-based mortgage company for allegedly steering consumers into costlier mortgages, the Consumer Financial Protection Bureau (CFPB) announced Thursday.
 
In January, the bureau announced rules designed to prevent unscrupulous mortgage loan originators from generating higher compensation for themselves by steering borrowers into risky and high-cost loans.
 
According the CFPB, it has asked a federal court to approve a consent order that would provide more than $9 million restitution for consumers from Castle & Cooke Mortgage, LLC, of Salt Lake City. Another $4 million would be obtained in civil money penalties against Castle & Cooke and two of its officers for allegedly paying loan officers illegal bonuses.
 
The CFPB also said, in a release, that the mortgage company maintains 45 branches and does business in 22 states, including Arizona, California, Colorado, Florida, Hawaii, Iowa, Idaho, Nebraska, New Mexico, Nevada, Texas, and Utah.
 


RSS print
News Now LiveWire
Fixed-asset cap elimination one item on @TheNCUA board agenda for next week. See #NewsNow http://t.co/N2U5Bq9R24
11 minutes ago
USFCU, Minn., hosts small business networking night. http://t.co/CBFHpJTFZe
16 hours ago
Number of @CUNA-certified fin. counselors hits 2,175 http://t.co/3fQGcdxyLO
17 hours ago
Jobless claims drop by 19,000 this week #Market #NewsNow http://t.co/LSqaYCsmX4
18 hours ago
#RBC draws letters from @SenatorBegich, @SenShelby to @TheNCUA See #NewsNow http://t.co/JvLBwkHwxF
19 hours ago