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Non-bank servicers creating bigger mortgage problems

Justice League

The government and Congress have been asleep at the wheel as usual of the rise of non-banks in the financial world. Big banks were clever to sell off their mortgage servicing rights of non-performing loans little by little to the non-banks such as Ocwen, Nationstar, and other non-banks. And government sold off their non-performing loans to the non-banks because the big banks refused them. What the big banks know and the government will soon realize that the Dodd-Frank bill doesn’t have tight regulations for the non-banks but only the large banks. The bill doesn’t go as far to regulate the non-banks but only the big banks. The government agency that has tight regulations for non-banks is CFPB. Both the big banks and the government have been made the non-banks much bigger which will create much bigger mortgage problems.

It’s hard to find a more sympathetic foreclosure story than Kathleen Conrad’s.

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