Home / Media / DS News Webcast: Friday 8/1/2014
Print This Post Print This Post

DS News Webcast: Friday 8/1/2014

Director Richard Cordray of the Consumer Finance Protection Bureau has testified before the House Financial Services Committee on the subject of discrimination within the bureau. Cordray went on record to say:

“Because of the speed with which we tried to build this new agency, we have found that we did not get everything right for our own employees…” and, based on different employee ages, positions, and races, the employee review system of the bureau “was creating differential outcomes that indicated the system was unsatisfactory and not working out as intended.”

Cordray did not talk about specific complaints of discrimination, but instead told the committee that he intended to work closely with the Bureau’s Office of Minority and Women Inclusion, and that the regulatory body has begun hosting quote—listening sessions--unquote to give employees the chance to voice their work experiences.

CoreLogic published its National Foreclosure Report with data from June 2014 indicating that foreclosure inventory is down 35 percent from last year. Foreclosures fell from 54,000 to 49,000 on a year-over-year basis. The report further indicated that foreclosure inventory in the United States decreased for 17 consecutive months as of June 2014 and fell below 650,000 homes by the end of that month, but the month-over-month rate of decline in inventory is not expected to last. There are concerns that the foreclosure inventory will soon consist of those in judicial states where processes to foreclose are drawn out.

 

Copy by Cody Galuardi

 

About Author: Jordan Funderburk

x

Check Also

How AI Will Transform the Mortgage Industry

A panel of experts discussed how the rise and adoption of AI will help tackle some of the biggest challenges faced by the industry at MReport’s “Intelligent Lending: The Rise of AI” webinar. Here’s what they had to say.

GET YOUR DAILY DOSE OF DS NEWS

Featuring daily updates on foreclosure, REO, and the secondary market, DS News has the timely and relevant content you need to stay at the top of your game. Get each day’s most important default servicing news and market information delivered directly to your inbox, complimentary, when you subscribe.