CFPB Mortgage Servicing Proposals Private Right Of Action Could Stop Any Foreclosure In Its Tracks
December 20, 2012
The mortgage servicing rule proposed earlier this year by the Consumer Financial Protection Bureau could easily be exploited to bring any foreclosure proceeding to a grinding halt, according to a leading mortgage industry attorney. If the rule is promulgated as currently written, that could cause mortgage lenders, who are already skittish about future losses, buyback demands and a host of other pending regulations, to pull back even further when it comes to providing mortgage credit. The consequence of these regulations is to create...