CFPB Outlines Mortgage Servicing Rules

The Consumer Financial Protection Bureau plans to outline rules to help protect mortgage borrowers from getting hit by costly surprises. The new rules, which are expected to be finalized in January 2013, would provide consumers with clear and timely information about changes to their mortgages. The rules under consideration include clear monthly mortgage statements, warnings before interest rate adjustments, options for avoiding costly force-placed insurance, and options for avoiding foreclosure. Click here for more information.

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