Real Estate

Consumer protection group proposes rule to prevent foreclosures until 2022

0


The Consumer Financial Protection Bureau proposed a rule Monday to prevent a wave of foreclosures this fall, when certain Covid-era protections for homeowners are set to expire.

The proposal, which would need final approval, generally prohibits mortgage servicers from initiating foreclosure proceedings against delinquent borrowers until after Dec. 31, 2021.

The rule would apply to all mortgages, both federal and private, on a principal residence, CFPB officials said Monday.

The Covid pandemic has led to a stark rise in housing insecurity amid mass unemployment and income loss, stressing homeowners’ ability to pay monthly mortgages.

More from Personal Finance:
New batch of $1,400 stimulus…



Source cnbc.com

Apple’s car plans and thoughts on Elon Musk

Previous article

Fed’s Mester lauds jobs report, but says loose policy is staying put

Next article

You may also like

Leave a Reply

avatar
  Subscribe  
Notify of

More in Real Estate