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In addition, the groups say forcing consumers to pay back the entirety of the loan’s principal at once would cause homeowners to lose leverage in renegotiations, the report said.
[Resource: Financial Responsibility: A Reaction or A Reality?]
The proposal was originally intended to add clarity to the cancellation process, which the Fed believes is currently confusing, the report said. By leaving the decision to the CFPB, the central bank hopes the rule will be passed with consumers’ best interests in mind.
The CFPB, which was formed as part of a provision of the Dodd-Frank Act, will not gain the power to make any regulatory changes until July 21.
December 13, 2023
Mortgages
June 7, 2021
Mortgages