CFPB issues guidance on foreclosure relief

National Mortgage News reports:

The Consumer Financial Protection Bureau added its voice Tuesday to a chorus of other regulators in calling for sustainable foreclosure relief when the Home Affordable Modification Program expires at yearend.

The bureau released "guiding principles" for mortgage servicers and investors that were almost identical to those described in a white paper last week from the Treasury Department, the Department of Housing and Urban Development and the Federal Housing Finance Agency.


The CFPB is calling for mortgage lenders, housing finance agencies and investors to create affordable and sustainable loss mitigation programs that are accessible and transparent for borrowers.

The bureau said the principles are flexible enough to apply to an array of approaches including forbearance, repayment plans and loan modifications, as well as short sales and deeds-in-lieu of foreclosure.

The full story is here. (I was unable to find the CFPB's press release on its website.)

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