The Director of the Consumer Financial Protection Bureau, Richard Cordray, has announced new rules for mortgage servicers. Mortgage servicers collect payments from borrowers on behalf of the owner of the loan. The new rules require more transparency and accountability from servicers. The goal is to provide borrowers with the information they need to deal with servicers and avoid foreclosures, through clear monthly mortgage statements and warnings before interest rates are adjusted.
The rules will be formally proposed for public comment this summer, to be finalized by January 21, 2013.
Full content: Consumer Financial Protection Bureau (link to PDF)
Related content: Consumer Protection Policies, Economics, and Interactions with Competition Policy (Paul Pautler, Husch Blackwell LLP)
Featured News
FTC Urged to Enforce Rarely Used Antitrust Law Against Retail Giants
Mar 28, 2024 by
CPI
UK’s Fingleton Bolsters Team with New Additions
Mar 28, 2024 by
CPI
Britain’s Competition Regulator Clears Aviva’s Acquisition of AIG Life UK
Mar 28, 2024 by
CPI
White House Implements New AI Safeguards to Protect Rights and Safety
Mar 28, 2024 by
CPI
Denver Court Sets August Date for Kroger-Albertsons Merger Showdown
Mar 28, 2024 by
CPI
Antitrust Mix by CPI
Antitrust Chronicle® – Real Estate & Antitrust
Mar 27, 2024 by
CPI
Systematic National Evidence of Steering by Real Estate Agents
Mar 27, 2024 by
CPI
Compliance Now! Actionable Antitrust Advice for the Residential Real Estate Industry
Mar 27, 2024 by
CPI
Real Estate Commissions: Some Insights from the Economics of Multi-Sided Platforms
Mar 27, 2024 by
CPI
New Ideas for Promoting Real Estate Brokerage Price Competition
Mar 27, 2024 by
CPI