The Consumer Financial Protection Bureau in April proposed, among other measures, a new review process that would generally prohibit mortgage servicers from starting a foreclosure until after Dec. 31, 2021. The rule will throw a lifeline to hundreds of thousands of homeowners due to exit COVID-19 mortgage holiday or "forbearance" programs in coming months.
A CFPB spokesperson said the agency is working on finalizing the proposal but did not comment on what exclusions had been agreed to. It is also expected to exclude borrowers who may have abandoned their homes without trying to notify their servicers and those who do not respond to multiple inquiries from servicers about whether they wish to remain in their homes.
"The Bureau's rules achieve two aims: mandating some additional help for struggling borrowers who have a plan to stay in their homes, while also creating clear exemptions to help servicers maintain the steady supply of homes the market demands," said Michael Bright, CEO of the Structured Finance Association, which represents the mortgage securitization industry and was among the groups that pushed for the exemptions.
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