Press releases or official announcements from major mortgage servicers like Wells Fargo, JPMorgan Chase, or Bank of America

CFPB Proposes New Rules to Prevent Foreclosures on July 10, 2024

Jul 10, 2024, 04:30 PM

On July 10, 2024, the Consumer Financial Protection Bureau (CFPB), the top U.S. watchdog agency for consumer financial protection, announced proposed regulations aimed at reducing avoidable foreclosures. These new rules would require mortgage servicers to offer assistance to borrowers facing difficulties before initiating foreclosure proceedings. The CFPB's initiative is designed to make the mortgage market more resilient and prevent a repeat of the massive spike in distressed inventory seen during the Global Financial Crisis (GFC). The proposal underscores the importance of providing help to struggling homeowners without unnecessary obstacles, benefiting borrowers, servicers, and the broader economy.