Home » Statements and Press Releases

AFR Statement: CFPB Merits Praise for Laying out “Principles for the Future of Loss Mitigation”

Submitted by on August 2, 2016 – 5:34 pm
Share this Page: Tweet about this on TwitterShare on FacebookEmail this to someone

Americans for Financial Reform welcomes the Consumer Financial Protection Bureau’s release today of Principles for the Future of Loss Mitigation, which underscores the need to heed the lessons of the foreclosure crisis as the Home Affordable Mortgage Program winds down at the end of the year. In particular, AFR applauds the CFPB’s recognition that, in order to be effective, mortgage modifications must be deep enough to provide “a meaningful payment reduction” and “affordability throughout the . . . loan term.” In addition, the CFPB agrees that loss mitigation options should remain available to homeowners throughout a delinquency and that servicers consider “the needs of those with limited English proficiency.” AFR hopes that other agencies and private investors recognize the CFPB’s thoughtful recommendations and that the CFPB will remain an active participant in this important conversation.

Tags: , ,