"The Consumer Financial Protection Bureau was created to provide a single point of accountability for enforcing federal consumer financial laws and protecting consumers in the financial marketplace."
In January 2010, the Dodd-Frank Wall Street Reform and Consumer Protection Act was passed in response to the 2008 financial crisis.
Prior to this, there were at least seven different regulators who were responsible for various aspects of consumer finance, and some rules had not been updated in many years. As you might imagine there were gaps in coverage, and when you added in a lack of comminication between regulators, the banks and other lenders (especially mortgage brokers and so-called "payday lenders") were left effectively unregulated.
Intimidating to nearly everyone, the home buying process can seem impossible to millions of low- and moderate-income Americans.
Beginning in 1986, ACORN Housing’s mortgage counseling program started a program to help first time homebuyers learn about and be better prepared for the process of buying a home. In their first 15 years, they helped over 50,000 families achieve their dreams of homeownership.
ACORN Housing also helped thousands of existing homeowners avoid foreclosure and preserve their homes by helping them negotiate with lenders. They frequently worked with victims of predatory lending as well as those who were facing serious and unexpected financial hardships.