Dana Milbank writes about his family’s personally experience with mortgage lender malfeasance:
The nascent Consumer Financial Protection Bureau, created by the Dodd-Frank legislation, could rein in these abuses – which explains why the banks, in concert with House Republicans, have been working to strip funding and responsibility from the new agency. This, combined with the repeal of Obama’s foreclosure program, would leave the mortgage servicers supervised only nominally by the anemic Office of the Comptroller of the Currency.
My wife and I are reasonably savvy consumers – she has a brand-name MBA, and I began my career as a business reporter for the Wall Street Journal – but we were no match for a bungling bank. After five months of trying, we still haven’t been able to resolve all of Citibank’s mistakes – nearly all of them, curiously, in the bank’s favor.
Sometimes the difference between a story and a non-story is whether it happens to people who celebrity political journalists know personally. Here’s hoping Milbank will get more attention for this perennially underplayed issue.