Tag Archives: Consumer Financial Protection Bureau

The residential foreclosure crisis has claimed nearly 4 million U.S. homes since 2008. At the start of 2013, it looks like the worst is over. The number of homes in the foreclosure process has reached its lowest level since the crisis began.   Dodd-Frank Overhauls Mortgage Laws During the housing bubble, many mortgage lenders operated with extremely lax underwriting standards. Often, banks failed to check documentation, to require minimum credit scores and to determine whether borrowers had enough income to …

As anyone who’s ever dealt with a mortgage – not to mention a foreclosure – knows, getting a straight story from mortgage servicers, the companies that handle loan modifications and foreclosures, can be next to impossible. The Consumer Financial Protection Bureau (CFPB) is trying to help: On Jan. 17, the federal agency released final rules that aim to better protect consumers from detrimental actions by such companies and require them to give homeowners facing foreclosure more and better information.   …