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Released: October 23, 2012
Will foreclosure abuses ever end?
Source: New York Times Editorial (Free Registration)
The creation of the Consumer Financial Protection Bureau is arguably the best reform to emerge from the Dodd-Frank law. An effective bureau will rectify and prevent lending abuses and ensure that consumer protection is a central priority in a sound banking system. Yet, for all that promise, the bureau’s recent proposal to regulate the foreclosure process is a disappointment. The problem is that as delinquencies surged in the housing bust, mortgage servicers proved themselves incompetent — or worse, deceptive and abusive — in doing the job. The result has been potentially millions of wrongful foreclosures, in which troubled borrowers have not been given a fair shot at modifying their loans and keeping their homes.Read Full Article: Will foreclosure abuses ever end?
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