Comment on CFPB-2012-0034-0015

CFPB Proposed Amendments to Mortgage Servicing Act Regs re QWR Paragraph 36(f)(1)(i) & Paragraph 36(f)(1)(ii). CFPB Proposed Amendments to Mortgage Servicing Act Regs re QWR As a member of the public, I strongly oppose the proposed amendments noted above. Borrowers who have been financially harmed by predatory lending and servicing practices need to be provided with all of the data their legal representative requires to provide assistance to the client/borrower. Servicers should be required to produce copies of the underwriting transmittal, the appraisal, and any and all documents the lender used to originate, price and generate a borrower’s loan. Many borrowers were subject to discriminatory treatment; evidencing the discrimination can only be performed if the servicers are forced to produce the documents used to originate and price the borrower’s loan. Mortgage Lenders and Servicers, if the interests of the public are to be protected, must be required to justify and evidence the origination and servicing of any loan that is generated – particularly when a loan becomes non-performing. It is the continued lack of transparency, accountability and consequence imposed upon these financial entities that has made the financial crisis linger, our economy continue to languish, and the foreclosure crisis to continue to grind on, unabated. Servicers and financial institutions, are incredibly powerful and due to their ability to lobby and donate funds to political persons and causes. Private borrowers do not have these advantages. The CFPB’s primary concern should be the protection of the borrowing public, not continuing to protect the interests of the very financial entities that served to bring our economy to near collapse.