US Consumer Supervision Authority Finalizes Rule Restricting Mortgage Buyouts



WASHINGTON, June 28. (Reuters) – The US Consumer Financial Protection Bureau on Monday said it was finalizing a rule that would restrict mortgage services from foreclosures to homeowners who have delayed payments due to the COVID-19 pandemic.

The new rule sets up temporary guarantees for struggling borrowers to explore options, including loan modification and home sales. It covers loans for major residential buildings, usually does not include small service companies and is effective from August 31, 2021 (Michelle Price Report)


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