Months after its launch, the Consumer Financial Protection Bureau is now
accepting complaints about mortgages. According to the agency, it has dedicated
a special section of its Web site to the mortgage industry. Unlike its student
loan section, which allows consumers to post complaints on a public message
board, the watchdog will accept a form from consumers with mortgage grievances
identifying the type of trouble that has been encountered. The CFPB said that
all who submit a complaint will receive a tracking number to follow the status
of their complaint, and the submissions will go directly to the lenders.
According to a report by the Center for Responsible Lending, more than 2.7
million homeowners who obtained mortgages between 2004 and 2008 have lost their
homes to foreclosures. However, the agency cannot regulate the industry until a
director has been appointed.