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What federal policy changes mean for mortgage servicing in H2 2021

What federal policy changes mean for mortgage servicing in H2 2021
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Finance Agency Plan to Further Forestall Home Foreclosures Fails to Recognize Economic Realities

Finance Agency Plan to Further Forestall Home Foreclosures Fails to Recognize Economic Realities News provided by Share this article Share this article COLUMBUS, Ohio, April 7, 2021 /PRNewswire/  Distressed asset auctioneer Richard Kruse of Gryphon USA said plans by the Consumer Finance Protection Bureau to delay foreclosures another nine months and create more regulations only builds pressure on consumers and the nation s housing market. The CFPB this week announced proposed rules meant to encourage lenders and loan servicers to continue working with consumers to avoid foreclosure, pushing potential filings out to January 2022. I understand the intent, said Kruse.  But the CFPB is effectively demanding an immediate and unrealistic overhaul of lending, investment, servicing and mortgage insurance industries, not understanding that the end result will be worse with these rules than allowing the legal system work.

REO firms look out for new mission metrics after GAO recommendation

One government agency is committed to collecting new data about foreclosure sale outcomes during the current lull in activity. The industry hopes it won’t lead to developments that bog down work later.

Gryphon USA: Biden s delay on foreclosures ignores harm to marketplace as COVID-19 crisis wanes

Share this article Share this article COLUMBUS, Ohio, Feb. 17, 2021 /PRNewswire/  Gryphon USA president Richard Kruse said the Biden administration s move this week to extend the 12-month moratorium on home mortgage foreclosures through June 30 undermines the vitality of the nation s housing market as health and economic conditions that prompted the federal policy begin to subside. The unprecedented federal interference into the private housing market due to the COVID-19 pandemic certainly stabilized the shelter of Americans in a healthcare emergency which is positive, Kruse said. However, extension of the foreclosure ban beyond the March 31 expiration fails to recognize the success of social distancing and vaccination programs against the initial emergency policy.

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