California Real Estate Fraud Report

You have just entered the #1 private-sector resource on the Internet for real estate fraud. In doing so, you have voluntarily left the dimension of the conventional real estate world and crossed over to the Dark Side, the realm where greed, dishonesty and evil are the order of the day. Sign up for a free subscription to this comprehensive news resource and receive weekly, timely news reports about real estate fraud, mortgage fraud, short sale fraud, REO fraud, title fraud, loan fraud, appraisal fraud, affinity fraud, loan modification scams, securities fraud and elder financial fraud.

23
Jul

Prepared Remarks of CFPB Director Richard Cordray at the White House Conference on Aging

Press Release from the Consumer Financial Protection Bureau website:

The Consumer Financial Protection Bureau is working hard to make financial markets work better on behalf of 320 million American consumers. In particular, our new agency specifically recognizes the need to protect older Americans against financial exploitation and promote economic security later in life. With the aging of the baby boomer generation, that mission has never been more important.

Our Office for Older Americans has done much great work around elder justice, the topic of the upcoming panel. Our team has traveled the country listening to older Americans. Based on what we heard, we have issued studies, guides, and advisories to arm seniors and their caregivers with the information and tools they need to protect themselves and their precious retirement savings.

Unfortunately, we have seen that older Americans all too often fall prey to financial exploitation. They make attractive targets because they often have higher household wealth in the form of retirement savings or home equity or both. They may develop impaired capacity and they can be isolated and vulnerable.

Recent studies found that financial exploitation is the most common form of elder abuse, but only a small fraction of incidents is ever reported. So we are calling on financial institutions to do their part to help protect older Americans. The Consumer Bureau will release an advisory later this year to help financial institutions prevent, recognize, and report elder financial abuse. When seniors fall victim to a scam or to theft by a trusted family member, they may be too embarrassed or too frail to pursue legal action or even to report that they have suffered harm. So it is crucial that others are looking out for them. Financial institutions are especially well-positioned to prevent such fraud.

The Consumer Bureau was born out of the recent financial crisis, and our work is still in its early stages. But as the American economy recovers, we want consumers of all ages to be able to look ahead with hope and resilience. We want them to know they have a new agency standing on their side and looking out for their interests, to help restore confidence and trust in the consumer financial marketplace. With your help and advice, we are glad to work with you to do that.

This year marks the 50th anniversary of Medicare, Medicaid, and the Older Americans Act, as well as the 80th anniversary of the Social Security Act. As we celebrate all the benefits these laws have brought to countless Americans, let’s not forget all there is still to do. I look forward to today’s discussion, facilitated by Assistant Secretary for Aging Kathy Greenlee. She has been an excellent partner in this work and a strong leader of the Elder Justice Coordinating Council. Thank you.

###
The Consumer Financial Protection Bureau is a 21st century agency that helps consumer finance markets work by making rules more effective, by consistently and fairly enforcing those rules, and by empowering consumers to take more control over their economic lives. For more information, visit consumerfinance.gov.

© Copyright 2007-2017 Monique Bryher

Legal Disclaimer.

The information and notices contained on The California Real Estate Fraud Report are intended to summarize recent developments in real estate fraud, mortgage fraud, short sale fraud, REO fraud, appraisal fraud, loan modification scams, loan modification fraud and other real estate related crimes occurring in Los Angeles and California. The posts on this site are presented as general research and information and are expressly not intended, and should not be regarded, as legal advice. Much of the information on this site concerns allegations made in civil lawsuits and in criminal indictments. All persons are presumed innocent until convicted of a crime. Readers who have particular questions about real estate fraud, mortgage fraud and appraisal fraud matters or who believe they require legal counsel should seek the advice of an attorney.

ALL RIGHTS RESERVED. No part of this publication may be reproduced or transmitted in any form or by any means, electronic or mechanical, including photocopying, recording or by any information storage and retrieval system, without written permission from the author, except for the inclusion of BRIEF QUOTATIONS in a review.

BLOG POWERED BY SHARP BIZ IMAGE

Copy Protected by Chetan's WP-Copyprotect.