The Director of the Consumer Financial Protection Bureau, Richard Cordray, has announced new rules for mortgage servicers. Mortgage servicers collect payments from borrowers on behalf of the owner of the loan. The new rules require more transparency and accountability from servicers. The goal is to provide borrowers with the information they need to deal with servicers and avoid foreclosures, through clear monthly mortgage statements and warnings before interest rates are adjusted.
The rules will be formally proposed for public comment this summer, to be finalized by January 21, 2013.
Full content: Consumer Financial Protection Bureau (link to PDF)
Related content: Consumer Protection Policies, Economics, and Interactions with Competition Policy (Paul Pautler, Husch Blackwell LLP)
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