Rich Folks Whine More About Their Mortgages

What's Hot


5 Reasons to Shop for a Home in DecemberFamily

Shoppers Boycott Businesses Selling Trump-Branded ProductsBusiness

Giving Thanks: Why Foreigners Find America AmazingAround The House

Why Washing Your Turkey Can Make You IllFamily

50 Best Gifts Under $25 for Everyone on Your ListFamily

Pay $2 and Get Unlimited Wendy’s Frosty Treats in 2017Family

What the Richest 1 Percent Earns in Every StateFamily

10 Ways to Retire Earlier Than Friends on the Same SalaryGrow

The 10 Best Ways to Blow Your MoneyCredit & Debt

7 Foods That Can Lengthen Your LifeFamily

The 50 Hottest Toys of the Past 50 YearsFamily

New Email Phishing Scam Targets Amazon ShoppersMore

7 Government Freebies You Can Get TodayFamily

Although poorer homebuyers have been hit hardest by foreclosures and mortgage abuses, a larger number of complaints are coming from richer folks.

For consumers, the public face of the Consumer Financial Protection Bureau is surely its popular complaint service. The Washington Post tried to find out who uses the service most to complain about mortgages.

Here’s what the Post learned: Although poorer homebuyers have been hit hardest by foreclosures and mortgage abuses, the loudest complaints are coming from residential areas with the highest median incomes. The Post writes:

A new analysis shows that people in wealthy neighborhoods complain a lot more about all aspects of the mortgage process, from brokers to servicers to underwriters.

The CFPB doesn’t identify those who complain. But their ZIP codes are available.

Upper incomes were the squeaky wheels

The Post used consultants from Deloitte to analyze the frequency of complaints from various locations. Households in the top 25 percent of U.S. incomes generated 30 percent of complaints. The bottom 25 percent of incomes generated only 21 percent of complaints. Also, older people filed the most reports of mortgage problems.

The reasons for these differences are anyone’s guess. The bureau wouldn’t speculate. The Post offers some guesses, though:

  • Wealthy people are thought to have easier access to the Internet. (However, the bureau does take complaints by fax and phone.)
  • The rich may have more time to complain.
  • Affluent people may feel more entitled to help.

Complaints get action

“The more likely explanation is that word of the complaints database — and those of other regulators that feed into the CFPB’s — has simply penetrated further in wealthy communities,” the Post says.

You can see data on the complaints filed – about what, against whom, whether they were resolved – here, at the CFPB.

Rich or poor, you’d do well to take your complaints to the CFPB, says Laura Murray of the consumer advocacy group U.S. PIRG. She explains here how to use the complaint process to your advantage. Also, CNBC wrote:

“The vast majority of complaints do get a response,” said Laura Murray, with U.S. PIRG’s Education Fund. “Approximately 1 in 3 got some sort of tangible relief.”

File your complaint

You can file a complaint online or by phone, at (855) 411-2372, even during the government shutdown, about:

“The Consumer Financial Protection Bureau has tracked 19,000 complaints about banks from consumers since it began keeping data in March 2012 and the overwhelming majority of gripes – 78 percent — center on issues with checking accounts,” writes Pittsburgh Business Times.

The bureau says it reviews all complaints. It contacts the company you complain about and tries to get your problem resolved. It lets you know what to expect next. You can check the progress of your complaint online.

Stacy Johnson

It's not the usual blah, blah, blah

I know... every site you visit wants you to subscribe to their newsletter. But our news and advice is actually worth reading! For 25 years, I've been making people richer without making their eyes glaze over. You'll be glad you did. I guarantee it!

💰🗣📰

Read Next: The 7 Worst Things to Buy at a Dollar Store

Check Out Our Hottest Deals!

We're always adding new deals and coupons that'll save you big bucks. See the deals to the right and hundreds more in our Deals section.

Click here to explore 1,768 more deals!