Richard Cordray Quotes

For many, the loan modification process has been a giant sham.

Every day there are homeowners in California who will either receive relief so they can stay in their home, or will be in the foreclosure process and potentially lose their home. And that always weighed heavily on my mind.

Somebody has been cashing checks, and they've been bouncing back on us. And these people, the poor class of Negroes and the poor class of white people, they're getting tired of it.

As I travel across Illinois and talk with people, and as others reach out to my office desperate for help, I am becoming convinced that, despite their rhetoric, many lenders have no interest in actually helping their customers.

I know some people whose father has basically spent their whole inheritance on scammers. He's old; he wants to feel important, like he's doing business, so he goes to his bank and pays out - it's terrifying.

There are people out there with an eye on my hard-earned cash who think that I am a pushover. I am not!

When you get money you're always a target because there's always somebody who needs money out there.

For too long, Americans have fallen victim to financial abuses at the hands of predatory lenders that operate in the shadows.

The one thing that offends me the most is when I walk by a bank and see ads trying to convince people to take out second mortgages on their home so they can go on vacation. That's approaching evil.

Banks are an almost irresistible attraction for that element of our society which seeks unearned money.

In a forbearance, the homeowner pays interest and principal on a smaller mortgage, at least for a time, but still owes the full amount. The lower monthly payment helps with affordability, giving stressed homeowners a break.

Many scammers are only using personal checks for payment because they can take the money and run.

I'm short-selling my house. I have more loans than I can sell the house for. The house will not go into foreclosure. It will be a short sale. I can't afford the house as I once could.

My finances have been decimated by a group of people, such as my ex-attorney, my ex-business manager, and an estate planner, specifically. And they have conspired together to - to co-op my corporations, put in trustees without my knowledge.

We developed microfinance to fight loan sharks - I was telling people don't go to loan sharks - not trying to take advantage and make money for myself. I would be a junior loan shark if I did... It is not a panacea.

Lawsuits against reverse mortgage companies, including the nation's largest, Financial Freedom Senior Funding, contend that those firms helped pressure older Americans into bad investments.

I think the millions of people who had been able to renegotiate their mortgages so they are paying lower interest rates are better off.

Families rely on financial services more than ever, but those who need them most - who struggle to make ends meet - too often must contend with sky-high interest rates and tricks and traps buried in the fine print of their loan products.

The bastards broke the People's back with their usury.... Let them die; the People will survive.

The trade of the petty usurer is hated with most reason: it makes a profit from currency itself, instead of making it from the process which currency was meant to serve. Their common characteristic is obviously their sordid avarice.

Money lending is a horrible profession. If we are to call it otherwise it is lawful plundering.

Get-educated-quick schemes are usually about as sound as subprime mortgage-backed securities: Enticing but basically fraudulent.

I've repeatedly seen unscrupulous lenders use every con in the book to charm and lie to homeowners. Lenders actually paid brokers a premium to put people in higher-priced loans with toxic features, such as adjustable rates and prepayment penalties.

Payday loans are but one of many financial techniques - from overdraft fees to student loans subsidizing for-profit colleges - specifically designed to pull money from the pockets of the poor. This problem generally goes unrecognized by policy makers.

I'm very interested in the more grass-roots consequences of the economic meltdown: issues related to mortgage foreclosures, debt collection, and the practices of credit card companies and others who hold a lot of consumer debt.