{"id":219651,"date":"2021-04-05T23:22:00","date_gmt":"2021-04-05T20:22:00","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/cfpb-moves-to-avert-a-wave-of-foreclosures\/"},"modified":"2021-04-05T23:22:00","modified_gmt":"2021-04-05T20:22:00","slug":"cfpb-moves-to-avert-a-wave-of-foreclosures","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/cfpb-moves-to-avert-a-wave-of-foreclosures\/","title":{"rendered":"#\n  CFPB moves to avert a wave of foreclosures"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_84 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a27e275455b5\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a27e275455b5\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/cfpb-moves-to-avert-a-wave-of-foreclosures\/#Proposed_rules_could_keep_struggling_borrowers_in_their_homes\" >Proposed rules could keep struggling borrowers in their homes<\/a><ul class='ez-toc-list-level-4' ><li class='ez-toc-heading-level-4'><ul class='ez-toc-list-level-4' ><li class='ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/buradabiliyorum.com\/en\/cfpb-moves-to-avert-a-wave-of-foreclosures\/#Eleanor_Laise\" >Eleanor Laise<\/a><\/li><\/ul><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<p>&#8220;<strong>#<br \/>\n  CFPB moves to avert a wave of foreclosures<br \/>\n<\/strong>&#8221;<\/p>\n<h2 class=\"article__subhead\" itemprop=\"alternativeHeadline\"><span class=\"ez-toc-section\" id=\"Proposed_rules_could_keep_struggling_borrowers_in_their_homes\"><\/span>\n  Proposed rules could keep struggling borrowers in their homes<br \/>\n<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><\/p>\n<div class=\"column column--full article__content\">\n<div id=\"js-article__body\" class=\"article__body article-wrap at16-col16 barrons-article-wrap\" itemprop=\"articleBody\" data-sbid=\"WP-MKTW-0000221468\">\n<div class=\"barrons-article-ad-wrapper\">\n<div data-track=\"barrons-article-ad-wrap\" class=\"barrons-article-ad sticky_item\">\n<div class=\"barrons-main-article-ad-target sticky_target body_ad\" aria-hidden=\"true\"><\/div>\n<\/p><\/div>\n<\/p><\/div>\n<p>       The Consumer Financial Protection Bureau is moving to strengthen protections for struggling mortgage borrowers, including those with non-federally backed loans who have so far been excluded from nationwide COVID-related relief.<\/p>\n<p> Proposed rule changes <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.consumerfinance.gov\/about-us\/newsroom\/cfpb-proposes-mortgage-servicing-changes-to-prevent-wave-of-covid-19-foreclosures\/\" class=\"icon none\">announced by the CFPB<\/a> on Monday would <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/general\/\" data-internallinksmanager029f6b8e52c=\"3\" title=\"General\" target=\"_blank\" rel=\"noopener\">general<\/a>ly block servicers from initiating foreclosures until after the end of this year, allow servicers to offer certain streamlined load modification options to borrowers with pandemic-related hardships and help ensure borrowers get timely information about forbearance and loss-mitigation options.<\/p>\n<div class=\"paywall\">\n       The proposed changes \u201cwill ensure servicers and borrowers have the tools and time to work together to prevent avoidable foreclosures, which disrupt lives, uproot children and inflict further costs on those least able to bear them,\u201d CFPB acting director Dave Uejio said on a call with reporters Monday.<\/p>\n<p>Nearly 3 million homeowners have fallen behind on mortgage payments, according to the CFPB. As of February, serious mortgage delinquencies \u2014 those 90 days or more past due \u2014 were at five times their pre-pandemic levels, according to mortgage data provider Black Knight.<\/p>\n<p><strong>Also read:<\/strong> How to determine whether you qualify for pandemic-related mortgage relief<\/p>\n<p>If finalized, the rule changes could hold particular significance for the roughly 14.5 million single-family mortgages that are not backed by the federally chartered Fannie Mae<br \/>\n        FNMA,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/208846331\/delayed\" class=\"positive\">+1.96%<\/bg-quote><br \/>\n       or Freddie Mac<br \/>\n        FMCC,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/202741363\/delayed\" class=\"positive\">+0.50%<\/bg-quote><br \/>\n       or by the federal government. While homeowners with federally backed mortgages can qualify for up to 18 months of COVID-related forbearance and are currently protected from foreclosure until after June 30, homeowners whose loans are privately held and have no federal backing aren\u2019t guaranteed such relief. <\/p>\n<p>Although some servicers say they\u2019re trying to offer the same relief options to all borrowers, regardless of whether their loans are federally backed, MarketWatch reported last month that some homeowners with privately held loans have received little or no relief and faced foreclosure during the pandemic.<\/p>\n<p>One reason the CFPB took action is that the Coronavirus Aid, Relief and Economic Security (CARES) Act protections <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>lied only to federally backed loans, but about 30% of loans are privately held, Diane Thompson, a senior adviser at the CFPB, said on the press call Monday. The proposed rules would generally apply across the mortgage market, she said. \u00a0<\/p>\n<p>Monday\u2019s announcement comes on the heels of the CFPB\u2019s warning last week that mortgage servicers should be prepared for a \u201ctidal wave\u201d of distressed homeowners who will need help when federal emergency mortgage protections expire later this year. Nearly 1.7 million homeowners will exit forbearance in September and the following months, and servicers should make sure they have sufficient staff and resources to help them, the bureau said. \u00a0<\/p>\n<p>To help ensure that those borrowers aren\u2019t rushed into forbearance, the CFPB proposal includes a \u201cspecial pre-foreclosure review period\u201d that would generally bar servicers from initiating foreclosures until after Dec. 31, 2021. The bureau says it is seeking public input on that date and considering whether to allow earlier foreclosures if servicers take certain steps to weigh loss-mitigation options or communicate with unresponsive borrowers.<\/p><\/div>\n<\/div><\/div>\n<p><\/p>\n<div class=\"byline article__byline\">\n<p>      <span>By<\/span><\/p>\n<div class=\"author  hasMenu\" data-scrim='{\"type\":\"author\",\"header\":\"Eleanor Laise\",\"subhead\":\"The Wall Street Journal\",\"list\":[]}' itemscope itemprop=\"author\" itemtype=\"http:\/\/schema.org\/Person\">\n<h4 itemprop=\"name\"><span class=\"ez-toc-section\" id=\"Eleanor_Laise\"><\/span>Eleanor Laise<span class=\"ez-toc-section-end\"><\/span><\/h4>\n<\/p><\/div>\n<\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/news\/\" target=\"_blank\" rel=\"noopener\">News category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"http:\/\/www.marketwatch.com\/news\/story.asp?guid=%7B21005575-02D4-D4B5-4572-D3611C3B7549%7D&#038;siteid=rss&#038;rss=1\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8220;# CFPB moves to avert a wave of foreclosures &#8221; Proposed rules could keep struggling borrowers in their homes The Consumer Financial Protection Bureau is moving to strengthen protections for struggling mortgage borrowers, including those with non-federally backed loans who have so far been excluded from nationwide COVID-related relief. Proposed rule changes announced by the&#8230;<\/p>\n","protected":false},"author":1,"featured_media":219652,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"","fifu_image_alt":"","footnotes":""},"categories":[70897],"tags":[],"class_list":["post-219651","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/219651","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=219651"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/219651\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/219652"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=219651"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=219651"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=219651"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}