- MILITARY-INDUSTRIAL COMPLEX: Defense Dept. Contracts for Dec. 18, 2014
- "Hobbit" will Dominate Boxoffice; "Wild" & "Big Eyes" Slated for Debut
- MILITARY-INDUSTRIAL COMPLEX: Defense Dept. Contracts for Dec. 19, 2014
- Buckeye Elite National Basketball Showcase To Take Place in Huntington This Weekend
- OP-ED: Commemorate Universal Children’s Day: End Child Labor
- OP-ED: Do Wars Really Defend America’s Freedom?
- Charleston Had only Three Hour Water Reserve when MCHM Spilled
- Update regarding arrangements for President Stephen J. Kopp
- CARIBBEAN VIEW: Venezuela in financial difficulty, will Petro Caribe survive?
- Fans can wish Herd good luck with recorded video message
CFPB Launches Nationwide Education Campaign About New Mortgage Rules
“Taking on a mortgage may be the largest financial obligation of a consumer’s lifetime,” said CFPB Director Richard Cordray. “We want to make sure that potential homebuyers have the information they need to make responsible decisions and that current borrowers know about their new protections.”
The CFPB’s mortgage rules protect consumers from debt traps by requiring mortgage lenders to evaluate whether borrowers can afford to pay back the mortgage before signing them up. The rules also establish new, strong protections for struggling homeowners, including those facing foreclosure. Under the rules, mortgage borrowers will be protected from costly surprises and runarounds by their servicers.
The Bureau is working with industry, housing counselors, and consumer groups to promote a smooth implementation of these rules. Today the Bureau is releasing educational materials to improve the public’s understanding of the new rules and their protections. These materials include:
- · Guide for Housing Counselors: This guide is designed to be a quick reference for housing counselors. The CFPB wants to ensure that housing counselors understand the new federal protections so that borrowers can pursue all possible options before beginning the foreclosure process. The CFPB will also be offering training on the rules for housing counselors.
- · Mortgage Tips: The CFPB is providing a number of different tips on new rights under the new rules for homebuyers and homeowners at every stage of the mortgage process— from taking out a loan to paying it back. The tips also includerecommendations for troubled borrowers facing foreclosure.
- · Answers to Consumer Questions: The Bureau has published mortgage-related questions to AskCFPB, an interactive online tool designed to answer consumers’ most frequently asked questions in plain language.
- · Consumer Tools: The Bureau’s website offers a tool to help consumers find local housing counseling agencies to answer their questions or address their concerns. Consumers that have an issue with consumer financial products or services, such as a mortgage, can also submit a complaint.
- · Factsheets on the Rules: The CFPB has published factsheet with an overview of all of the new consumer protections in the Bureau’s mortgage rules. The CFPB has also published a summary of the new procedures to facilitate borrowers’ access to foreclosure avoidance options.
These materials can be found at http://www.consumerfinance.gov/mortgage/. The Bureau will continue to develop and produce materials to educate consumers about the new mortgage protections.
* * *
The Consumer Financial Protection Bureau is a 21st century agency that helps consumer finance markets work by making rules more effective, by consistently and fairly enforcing those rules, and by empowering consumers to take more control over their economic lives. For more information, visit consumerfinance.gov.