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Released: January 17, 2013
Stricter rules for mortgage servicers
Source: Danielle Douglas, Washington Post (Free Registration)
The horror stories were astonishing: Homeowners being kicked out of their homes on the basis of forged documents,. Others were working with mortgage servicers to lower their monthly payments while simultaneously being placed in foreclosure by the same company.
Rules released by the Consumer Financial Protection Bureau (CFPB) on Thursday aim to prevent such problems by requiring mortgage servicers to maintain accurate records, offer ongoing access to staff and provide options for delinquent homeowners to avoid foreclosure.
Read Full Article: Stricter rules for mortgage servicers
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