Thou shalt not rip people off: U.S. consumer bureau issues rules to clean up mortgage servicing

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Thou shalt not rip people off: U.S. consumer bureau issues rules to clean up mortgage servicing

Thou shalt not rip people off: U.S. consumer bureau issues rules to clean up mortgage servicing

Reuters-

The U.S. Consumer Financial Protection Bureau announced new rules for mortgage servicers on Thursday to help prevent the sloppy practices that aggravated the U.S. foreclosure crisis.

Mortgage servicers collect monthly payments from borrowers on behalf of the investors that own the loans. That often involves letting borrowers know about the status of loans, modifying the loans for those struggling to make payments on time, and handling foreclosures.

The CFPB rules will now require servicers to follow clear procedures to help troubled borrowers seeking alternatives to losing their homes. The rules also restrict what is known as dual-tracking, in which servicers simultaneously pursue a loan modification and the foreclosure process.

[REUTERS]

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2 Responses to “Thou shalt not rip people off: U.S. consumer bureau issues rules to clean up mortgage servicing”

  1. Joe says:

    These banks and servicers tell the united states government to jump and united states government says okay how high do you want me to jump. This country is a joke it all comes down to campaign funds, that’s why nobody could have a fair Foreclosure hearing. I found out that these judges all received money from these Foreclosure mill Lawyers and banks. When will these judges start doing their job and go by the laws that are in place for over a hundred years. What a sad sad thing thats going on. It’s what ever these banks and servicers say everybody listens it’s not fair. Why are all other crimes being prosecuted. Then you tell THESE judges that have their pockets lined with money that these banks and services have all forged documents and these servicers that close down under one name and reopen under another name and judge says I don’t care. WHO CAN STEP IN AND STOP THIS ABUSE. EVEN OBAMA RECEIVED CAMPAIGN FUNDS. WHAT ARE WE GOING TO DO

  2. Joe says:

    Remember God knows who all the siners are and when they die they are all going to pergatory

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