U.S. consumer watchdog finalizes rule restricting mortgage foreclosures By Reuters

June 28, 2021 admin Stock News 0

© Reuters.

WASHINGTON (Reuters) – The U.S. Consumer Financial Protection Bureau on Monday said it was finalizing a rule that would restrict mortgage servicers from foreclosing on homeowners behind on their payments due to the COVID-19 pandemic.

The new rule establishes temporary safeguards for struggling borrowers to explore options including loan modifications and home sales. It covers loans on principal residences, generally excludes small servicers and is effective from August 31, 2021.

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