Washington, D.C. -Today, Rep. Elijah E. Cummings, Ranking Member of the House Committee on Oversight and Government Reform, issued the following statement after the Consumer Financial Protection Bureau (CFPB) and the Maryland Attorney General announced they had filed proposed consent orders in federal court in response to an illegal kickback scheme involving Genuine Title LLC, Wells Fargo, and JPMorgan Chase. The consent orders would ban five individuals from the mortgage industry for varying lengths of time and impose $662,500 in redress and penalties.
“Today’s announcement from the CFPB and the Maryland Attorney General signals a victory for Maryland consumers harmed by the illegal business practices of two national banks and a title company. Sadly, however, this announcement is also evidence that predatory, abusive and illegal practices continue to occur in the mortgage industry. Rather than seeking to roll back the Dodd-Frank legislation or to weaken the CFPB, Congress should prioritize the vigorous enforcement of the laws and regulations designed to protect consumers from these practices."
Since 2011, Cummings has aggressively investigated abuses by mortgage servicing companies and worked with housing regulators to implement reforms that will help Americans stay in their homes.
