I Am Empowered - I am the National Urban League

Reuters: U.S. consumer agency proposes rules for mortgage servicers

The campaign goal: “Every American lives in safe, decent, affordable and energy efficient housing on fair terms!”  Join a community that is well informed on housing issues in the news. See the links below and Get Empowered Now.

WASHINGTON, Aug 10 (Reuters) - The new U.S. consumer oversight agency proposed rules on Friday to make the practices of companies that service mortgages more transparent for borrowers.

The rules, which could be modified after a comment period, are designed to protect borrowers from being forced to buy expensive homeowners insurance, for example. They are also aimed at helping delinquent borrowers stay out of the foreclosure process.

The Consumer Financial Protection Bureau (CFPB) said its new rules would ensure that the mortgage servicers responsible for collecting payments from borrowers and handling issues such as foreclosures are more transparent and accessible to borrowers.

"From processing payments to evaluating struggling homeowners and helping them avoid foreclosures, the bottom line is to treat consumers fairly by preventing surprises and run-arounds," said CFPB Director Richard Cordray.

Click Here to read more.