In a recent report the Consumer Financial Protection Bureau provided details about its consumer complaint database. In its first year of operation 43% of the complaints the agency has received have been about mortgages and 34% were about credit cards.
"Of the 23,800 mortgage complaints, the majority — or 54% — was focused on problems when a consumer was unable to make loan payments, while 25% concerned loan servicing," writes American Banker’s Rob Blackwell.
"Consumers who have filed these complaints generally appear to be driven by a desire to seek agreement with their companies on foreclosure alternatives," the report said.
The agency sent 81% of the complaints on to the companies involved. 25% of those resulted in some sort of monetary relief, but "the most common response by companies, however, was to close the complaint simply by providing an explanation to the CFPB about what happened in a specific instance," writes Blackwell.
For the full piece see "CFPB Offers Details on Consumer Complaints" (may require subscription).
