Consumer Protection Group Proposes Rule to Prevent Foreclosures Until 2022
The rule would apply to all mortgages on a principal residence
The Consumer Financial Protection Bureau proposed a rule Monday to prevent a wave of foreclosures this fall, when certain COVID-era protections for homeowners are set to expire.
The proposal, which would need final approval, generally prohibits mortgage servicers from initiating foreclosure proceedings against delinquent borrowers until after Dec. 31, 2021.
The rule would apply to all mortgages, both federal and private, on a principal residence, CFPB officials said Monday.
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