The U.S. agency charged with protecting consumers’ finances approved rules on Thursday that will help prevent wrongful home foreclosures, as the regulator continues to press on with reforming the country’s massive lending market.
The rules by the Consumer Financial Protection Bureau (CFPB), created in the aftermath of the U.S. housing bust that began in 2006, build on current regulations requiring a mortgage servicer to grant certain foreclosure protections to a struggling borrower once over the life of the loan.
Now, servicers, the conduits for mortgage payments, must provide those protections more than once, offering them to borrowers who make current payments after they have worked out an agreement to avoid foreclosure.
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