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Financial Services Litigation Bulletin - April 2012
Consumer Financial Protection Bureau Considering the Proposal of New Mortgage Servicing Rules

04/12/2012

Consumer Financial Protection Bureau Considering the Proposal of New Mortgage Servicing Rules

By Jennifer H. Dioguardi

The Consumer Financial Protection Bureau (CFPB) has announced that it is considering proposing new mortgage servicing rules. The potential new rules are intended to provide additional protections to consumers. According to the CFPB, the new rules being considered are intended to minimize servicer mistakes and make sure any mistakes are rectified more quickly. The CFPB indicated the proposed new rules are intended to increase transparency and the accuracy of information homeowners receive from mortgage servicers. The new rules will be formally proposed this summer and the CFPB intends to finalize them by January 2013....

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