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“The bureau is unnecessarily inserting confusion.”
That’s the feedback one industry leader had on a new rule being proposed by the Consumer Financial Protection Bureau (CFPB) that would change the rules of the game for mortgage servicers. With its new proposed rule, servicers would have no choice but to prevent foreclosures in 2021.
“The nation has endured more than a year of a deadly pandemic and a punishing economic crisis,” CFPB Acting Director Dave Uejio said. “We must not lose sight of the dangers so many consumers still face. Millions of families are at risk of losing their homes to foreclosure in the coming months, even as the country opens back up.”