The Mortgage Market issues where you wall discuss time to time whether allies have gone too far, whether theyve gone far enough. How can we answer questions at that data on the marketplace. That is different from a wind data on what senator vitter does. Personally identifiable data. We have personally identifiable data and consumer response where consumers can this data so we can work on their complaint and family constituents to your office collect personal viable data appeared to we. You dont collect any of that . For example we do not have address, Social Security number, account number. We are interested in the pattern of what goes on in the market. Too collected before you scrub it . We ask the data to be scarred for comes to us. Depends on which data. We will have a full briefing on this. Somebody involved in the process . Typically described before it gets to the agency. Private companies have all the data. They care very much like you and i do and theyre always marketing on tha
Subpar and illegal practices and providing almost 200 million in redressed 1. 6 million consumers. We have now handled, as we have mentioned, 650,000 complaints, a matter that is particularly important to us. This includes all manners of Financial Products and services. This includes each of the states. One excerpt from a Service Member in alabama reads that we open an account we became unable to pay the full amount and we made it an agreement to pay a lesser amount and campaign by allotment. And i was not served with the judgment prior to court or after, i was informed of it when my wages began to be garnished and we have asked to have this issue fixed. We have paid this company for a computer hutch, table and chairs, and the furniture has not lasted, however the payments continue. We need assistance as we have tried every other step possible. And another excerpt in my home state of ohio and ranking members home state reads that i elected to a reduced rate payment plan with a Student
Question, is it a problem . Is it not really a problem . What we do see is that every month of last year, from the Census Bureau ser survey data, manufactured housing lending was up from the month before. And the leading manufactured housing manufacturers are quite profitable. So i dont know what to make of some of the concerns people are raising to me. But i will say that this issue of costs on a smaller loan, i think, is a universal issue and problem and one that maybe we should be thinking about whether the thresholds are exactly right. Thank you for the time and i would close by saying i pleesht you looking fa data, and i understand that in a growing economy, youre likely to see more people doing these types of things. Weve seen some data that shows that numbers of these people are unable to be served and theyre ending up paying more for rental housing than they could be paying for actually purchasing, again, a lowercost home of either type, whether its conventional areor manufactu
Otherwise would be required to pay and might be subject to further costs and Court Proceedings that is forgiven and wiped from the books. But yes, its meaningful relief for american consumers. And the other point that senator warren has made to me thats wrort making is every time we then correct practices, the same things dont happen going forward, and you can expect the same money being saved each year in the future but its hard to quantify that. It is hard to quantify, but every time a consumer gets a fair Mortgage Loan rather than a predatory one a great deal of help has been created in terms of a wealthbuilding enterprise versus a wealthsfriping one. I want to turn to the subject of payday loans, and youre engaged in laying out a policy framework not yet a draft regulation and taking feedback on it. In oregon we proceeded to establish a pretty rigorous framework, reestablishing a user cap on the full range of loans consumer loans, payday loans, because wed seen the migration of one
Collector. The agency then sends those complaints on to the company who then has some time to respond to both the consumer and the cfpb and to try to resolve the issue. Now the agency has received more than 650,000 complaints through the hotline. Could you give us a sense, director, a ballpark figure is fine, about how many of those complaints were resolved to the Consumers Satisfaction . And how much consumers have recovered financially through this process. Yeah. And ill say the arc of Consumer Complaints continues to increase in terms of volume. I believe thats a function of theres still a lot of lack of visibility. People dont necessarily know what the cfpb is and will know over time, i hope. I hope theyll see that were providing value to them. Thats what we aim to do. I think we had Something Like 700 and some credit card complaints in our first month, and were up to about 25,000 complaints per month across the entire range of Financial Services. What happens then is we give the c