A ban on home foreclosures for a year?
This is what the Consumer Financial Protection Bureau (CFPB) is proposing as millions of Americans have been left without an income due to government restrictions and lockdowns for more than a year.
It is estimated that approximately three million homeowners are behind on their mortgages, and roughly 2.1 million are at least 90 days behind.
Acting CFPB Director Dave Uejio told reporters at a news conference:
“We’ve seen a shocking increase in housing insecurity, with millions living precariously and months behind on mortgages or rent.
We will do everything in our power to ensure servicers work with struggling families to find solutions that prevent avoidable foreclosures.”
The CFPB is accepting comments from the public until May 10.
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