AFREF joined a letter urging the CFPB to take immediate action to prevent a wave of Covid-19-related foreclosures, likely to be concentrated in low-income communities and communities of color. The letter lays out steps that the Bureau should take as urgent responses to the Covid foreclosure crisis, including clarifying that Regulation X provides a 120-day cushion after a Covid forbearance before a foreclosure can begin; stating that it is unfair to require homeowners to pay a lump sum after a Covid forbearance; working with the other financial regulators to set industry standards regarding forbearance availability and post-forbearance options; convening a cross-agency workgroup to ensure data collection and analysis of COVID-19 loss mitigation performance data, including the rates of successful loss mitigation outcomes among different racial and linguistic groups, and more.
