Washington, D.C. – Today, the U.S. House passed a $3 trillion dollar package in response to the COVID-19 crisis. In the consumer area, the bill provides desperately needed help for families dealing with the economic crisis, beyond the modest start in the previous CARES Act. In particular, the HEROES Act, HR 6800: Provides immensely needed…
Washington—Last Friday, the Consumer Financial Protection Bureau (CFPB) released a document providing supervisory guidance for mortgage servicing transfers. This document, reportedly under development long before the coronavirus pandemic, sets forth best practices for servicing transfers and acknowledges that servicing transfers pose particular risk for borrowers who are behind in their mortgage payments. Yet the document…
Washington, D.C. – Today, advocates of 31consumer, civil rights, housing, and real estate trade organizations, including the Leadership Conference on Civil and Human Rights, National Consumer Law Center, Consumer Federation of America, National Community Stabilization Trust, National Fair Housing Alliance, Center for Responsible Lending, National Association of Real Estate Brokers, National Association of Hispanic Real…
Washington, D.C. – The National Consumer Law Center, Americans for Financial Reform Education Fund, the National Fair Housing Alliance and 33 other consumer, civil rights, and housing counseling groups sent a letter today calling on the Federal Housing Finance Authority (FHFA) to step up its efforts to translate key mortgage notices needed by borrowers hit…
Millions of Families Could Lose Homes from Job Loss Due to COVID-19 Washington, D.C. – Late last Friday, the Consumer Financial Protection Bureau (CFPB) issued a one-sided policy guidance providing enormous flexibility to mortgage servicers while failing to ensure that distressed consumers can get access to crucial information and foreclosure-avoidance procedures. Although styled as a…
Read More about New CFPB Mortgage Guidance Does More for Servicers than Consumers
Washington, D.C. – Late yesterday, the U.S. Senate passed a $2 trillion stimulus bill to assist businesses and families in the wake of the COVID-19 crisis. The package includes some helpful aid but it falls short in several critical consumer protection areas. “While the Senate package contains some first steps to relieve the economic crisis,…
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