At a recent industry event, CFPB head Rohit Chopra delivered a scathing critique of credit reporting agencies and FICO, accusing them of exploiting consumers and lenders. Chopra’s remarks at the MBA Secondary event, sponsored by FICO, shed light on the harmful practices within the mortgage industry and highlighted the need for greater accountability and transparency.
Key points from Chopra’s speech include:
– Accusations of credit reporting agencies and FICO taking advantage of consumers and lenders
– Call for increased regulation and oversight to protect borrowers and ensure fair lending practices
– Emphasis on the need for industry-wide reform to address systemic issues and promote a more ethical and responsible approach to mortgage lending.
You can read this full article at: https://www.housingwire.com/articles/chopra-credit-reporting-industrys-fee-hikes-raise-big-questions/(subscription required)
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