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CFPB Reports Rise in Service Member Complaints in 2012

A new report from the ""Consumer Financial Protection Bureau"":http://www.consumerfinance.gov/ (CFPB) reveals consumer finance complaints filed by service members, veterans, and their families steadily rose throughout 2012.

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The report, released by CFPB's Office of Servicemember Affairs, shows the number of complaints rising steadily each quarter, closing the year at a total of 3,455.

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Mortgage complaints were by far the most common out of all categories, with a quarterly average of 52.3 percent of complaints focused on home finance products.

According to CFPB, 58 percent of mortgage complaints filed by service members and their families were related to loan modifications, collections, and foreclosure practices. Twenty-four percent dealt with loan servicing, payments, and escrow accounts, while another 10 percent focused on applications originators, and mortgage brokers.

The median monetary relief for complaints across all categories (including credit card, auto, and student loans) last year was $170. For mortgage complaints, the median relief was $494, the second-highest amount (the highest relief amount was $1,866 for student loan complaints).

""Those who serve, or have served, our country should not have to worry about falling victim to unfair or deceptive financial practices. It's my honor to represent the military community here at the CFPB, and to make sure that its concerns are heard--and that we do something about them,"" said Holly Petraeus, assistant director for the Office of Servicemember Affairs.

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