Consumer Protection Bureau Proposes to Tighten Rules on Mortgage Servicers
On Aug. 9, the Consumer Financial Protection Bureau formally proposed stricter rules for mortgage servicers that would require them to give borrowers monthly statements, inform them of impending interest rate adjustments, and provide more options to prevent foreclosure. Public comments on the proposal will be accepted through Oct. 9, with the final rules expected in January. The rules would amend the Truth in Lending Act and the Real Estate Settlement Procedures Act.
From "Consumer Protection Bureau Proposes to Tighten Rules on Mortgage Servicers"
New York Times (08/10/12) P. B4 Wyatt, Edward
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