×
Newsmax TV & Webwww.newsmax.comFREE - In Google Play
VIEW
×
Newsmax TV & Webwww.newsmax.comFREE - On the App Store
VIEW
Skip to main content
Tags: foreclosures | financial | consumer | protections

Agency Proposes Banning US Home Foreclosures for a Year

house keys lay on top of a foreclosure notice
(Dreamstime)

By    |   Monday, 05 April 2021 09:45 PM EDT

With families facing financial issues after the coronavirus pandemic shutdowns left millions of Americans out of income for extended periods of the past year, the U.S. is proposing banning home foreclosures until the next year.

The Consumer Financial Protection Bureau announced the proposal Monday in a news conference, CBS News reported.

"We've seen a shocking increase in housing insecurity, with millions living precariously and months behind on mortgages or rent," acting CFPB Director Dave Uejio told reporters.

Nearly 3 million homeowners are behind on their mortgage, including 2.1 million at least 90 days behind, according to the CFPB.

That count is doubled since the start of the pandemic and 6% of mortgages were delinquent as of December, more than any time since the Great Recession valley of 2010, the agency reported.

"We will do everything in our power to ensure servicers work with struggling families to find solutions that prevent avoidable foreclosures," Uejio told reporters.

There is a May 10 deadline by the CFPB for comments on the proposal, which could be put into effect in September.

"We fully embrace the idea of helping troubled borrowers stay in their homes," Cowen Washington Research Group's Jaret Seiberg wrote in a report, according to CBS News. "Foreclosures hurt borrowers, servicers, lenders and communities. There is no upside to proceeding with foreclosures when there are restructurings available that could help borrowers get current on their mortgages."

© 2022 Newsmax. All rights reserved.


US
With families facing financial issues after the coronavirus pandemic shutdowns left millions of Americans out of income for extended periods of the past year, the U.S. is proposing banning home foreclosures until the next year....
foreclosures, financial, consumer, protections
233
2021-45-05
Monday, 05 April 2021 09:45 PM
Newsmax Media, Inc.

Sign up for Newsmax’s Daily Newsletter

Receive breaking news and original analysis - sent right to your inbox.

(Optional for Local News)
Privacy: We never share your email address.
Join the Newsmax Community
Read and Post Comments
Please review Community Guidelines before posting a comment.
 
TOP

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

NEWSMAX.COM
America's News Page
© Newsmax Media, Inc.
All Rights Reserved
Download the NewsmaxTV App
NEWSMAX.COM
America's News Page
© Newsmax Media, Inc.
All Rights Reserved