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VisitCFPB 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.
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Markets
Yes • 50%
No • 50%
Official announcement from the CFPB or publication in the Federal Register
No • 50%
Yes • 50%
Press releases or official announcements from major mortgage servicers like Wells Fargo, JPMorgan Chase, or Bank of America
No • 50%
Yes • 50%
Data from the U.S. Department of Housing and Urban Development (HUD) or Mortgage Bankers Association (MBA)
Opposition or legal challenges • 25%
Full compliance • 25%
No significant response • 25%
Partial compliance • 25%
Press releases or official announcements from major mortgage servicers like Wells Fargo, JPMorgan Chase, or Bank of America
Increase in foreclosures • 25%
No significant change • 25%
Significant decrease in foreclosures • 25%
Moderate decrease in foreclosures • 25%
Reports from financial analysts or institutions like Moody's, S&P Global, or the Federal Reserve
Other measures • 25%
Mandatory forbearance programs • 25%
Extended repayment plans • 25%
Principal reduction options • 25%
Official announcement from the CFPB or publication in the Federal Register