Friday, January 6, 2012

CFPB launches mortgage complaint system

Two days after President Barack Obama's controversial appointment of director Richard Cordray, the Consumer Financial Protection Bureau has launched a system to collect mortgage complaints from consumers.

Once the complaint is processed and sent to the financial institution that made the loan, the bank will have 15 days to respond.

This is the second complaint system to be launched. A credit card system was created last year. As the year progresses, complaint systems for non-banks -- such as debt collectors and payday lenders -- will be created.