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CFPB Cordray Increases Disgorgement from $6 Million to $109 Million Against Lender for Insurance Kickbacks

The director of the Consumer Financial Protection Bureau Richard Cordray (former Ohio Attorney General) increased the disgorgement fine against a mortgage lender found liable in an insurance kickback scheme from $6.4 million to $190 million! The trial judge had ordered the lender to pay the $6.4 million but Cordray said the administrative trial judge got it wrong and increased the stakes by ordering the lender to disgorge $109 million. It seems that there is at least one Washington bureaucrat this is doing their job. If only more of the astounding numbers of bureaucrats in Washington would start earning their money and acting like Richard Cordray.

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see http://www.acainternational.org/cfpbarticle-cfpb-director-richard-cordray-increases-mortgage-lenders-fine-in-administrative-ruling-36088.aspx

At the end of the day, most everyone knows most everything. Here in a patent insurance kickback scheme that was obviously not disclosed to the borrower, the Judge ordered the lender to pay $6.4 million. On appeal Director Cordray (former Ohio Attorney General) said the administrative trial judge got it wrong. Cordray raised the stakes by ordering the lender to disgorge $109 million.

As our administrative and judicial systems come to grips with the massive fraud, fabrication, and manipulation of their systems they are revealing a callous disregard not only for rules and laws, but for society at large. And while it might be hard to make the connection, this is why Congress passed the Truth in Lending Act — to level the playing field with rescission and other remedies.

The question being asked “in defense” of rescission and…

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