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What will be the primary measures included in CFPB's new foreclosure prevention rules?
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Resolution / Starting Odds
Mandatory forbearance programs • 25%
Extended repayment plans • 25%
Principal reduction options • 25%
Other measures • 25%
Official announcement from the CFPB or publication in the Federal Register
Story
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.
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